Unilever Nigeria Plc has released its fourth quarter unaudited results for the period ended December 31, 2024, reporting a 29.2% decline in standalone earnings per share to N0.85, compared to N1.20 in same period 2023.

The company’s 2024 full-year earnings per share also declined to N2.77, down from N2.86 in 2023.

According to the report, the decline in earnings per share was attributed to a significant spike in operating expenses, which rose by 44.8 times year-on-year to N6.27 billion.

However, the company’s fourth quarter 2024 revenue grew by 50.3% year-on-year, driven by significant growth in the Food Products and Beauty & Wellbeing segments.

Unilever’s gross margin also improved, rising by 65 basis points to 28.1%, due to the faster increase in revenue relative to costs.

Despite the revenue growth, the company’s EBIT and EBITDA margins were weakened by the surge in operating expenses.

Unilever reported a net finance income of N300.00 million in the quarter, compared to a net finance cost of N2.62 billion in fourth of 2023.

The company’s profit before tax declined by 24.0% year-on-year to N7.78 billion in fourth quarter 2024, while its profit after tax declined by 50.0% to N4.90 billion.