Unilever Nigeria Plc has officially halted the production and sale of its home care and skin cleansing products, including popular brands like Omo, Sunlight, and Lux.
This decision, announced in the unaudited interim financial statements for the year ended December 31, 2023, marks the culmination of the company’s plans to exit both markets, disclosed approximately 10 months ago.
The company’s statement, sent to the Nigerian Exchange Limited (NGX) over the weekend, also revealed the appointment of Mr. Michael Ikpoki as the interim Chairman of the Board for Unilever Nigeria Plc.
This appointment follows the retirement of His Majesty, Nnaemeka A. Achebe, Obi of Onitsha, from the Board effective December 31, 2023.
Unilever Nigeria emphasized that production and sales of home care and skin cleansing products ceased in December 2023.
The factory previously used for these products has now been leased to a third party for a period of 10 years, with annual rental payments.
With this strategic move, Unilever Nigeria now focuses solely on its foods, beauty and wellbeing, and personal care product categories.
The decision to exit the home care and skin-cleansing markets was initially revealed on March 17, 2023, and is reflected in the company’s recent earnings report.
The financial implications of this transition are evident in Unilever Nigeria’s 2023 figures, which show a 45.1 percent year-on-year decline in revenue, totaling N16.48 billion compared to N23.92 billion in the previous year.
Additionally, the company reported an increased loss of N3.72 billion for 2023, up from N1.49 billion in the preceding year.
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