Buzzapp Master 
…holds 100th AGM
Unilever Nigeria Plc, a leading consumer goods company, has significantly boosted its local input sourcing by over 50 percent in 2024.
The strategic move helped the company reduce its foreign exchange exposure, minimise costs and optimise value last year.
Tobi Adeniyi, managing director of Unilever Nigeria, disclosed this at the company’s 100th Annual General Meeting (AGM) held recently in Lagos.
“We intensified our local sourcing agenda, with over 50 percent of raw material now procured locally,” Adeniyi said.
Read also: Unilever Nigeria doubles profit, bolsters cash flow in Q1 amid rising revenue
“This has reduced our foreign exchange exposure and supported local industry development with the backing of our research and development expertise,” he said.
He added that Unilever also deployed manufacturing excellent tools and a digital factory operating system that enhanced plant efficiency and optimised costs. He noted that the company’s route-to-market operations were optimised.
“Improved distributor partnerships and operational efficiencies have led to lower cost-to-serve and broader market coverage – creating value for both Unilever and our trade partners,” he explained.
The company recorded a net profit of N15.1 billion for the year ended 31st December 2024 compared to a net profit of N8.4 billion recorded in the corresponding period of 2023. This shows a 79 percent improvement in the current year compared to 2023.
The company declared a dividend of N7.2 billion for the year ended December 2024, as shareholders approved a dividend at N1.25kobo per share, a 66 percent increase from 75 kobo declared last year.
The declaration follows an impressive growth of N149.5 billion in 2024 which represents 44 percent topline growth compared to N103.9 billion turnover recorded in the corresponding period of 2023.
Read also: Unilever Nigeria Grows Profit by 65% in Q1 2025, delivers 45% Revenue Growth
Commenting on the company’s financial performance, Adeniyi said, Unilever is pleased with its stellar performance in 2024, noting that it was built on resilient strategy and excellent delivery.
“Our focus has remained on serving our consumers with our unmissably superior brands while continually investing behind the brands and investing ahead of growth as we continue to create demand,” he said.
“We would continue to remain committed to building sustainable relationships with our partners across the value chain and growing our business to enhance our socio-economic impact across the country,” Adeniyi added.
According to him, as the longest-serving manufacturing company in Nigeria, with over a hundred years, Unilever Nigeria is committed to ensuring continuous investment in Nigeria through its brands and operations.
“Unilever Nigeria is here to stay for the long haul,” he added.
Also, Bolaji Balogun, chairman of the board of directors at Unilever Nigeria Plc, appreciated all esteemed shareholders for their support despite the volatility of the operating environment in the preceding year.
Read also: Unilever Nigeria champions oral health education in Lagos
He affirmed that the board and management remain resolutely committed to advancing the company’s strategic growth agenda and adeptly navigating prevailing and emergent challenges, as they steer the organisation toward enduring success and greater accomplishments.
“Our resolve as a business is to continue to take strategic decisions that will improve our operational efficiencies to meet the needs of Nigerians through our brands, our people, and our operations,” he said.
Shareholders who attended the 100th AGM appreciated the increase in this year’s dividend and reaffirmed their belief in the company’s leadership to grow the business in the coming year.
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