Unilever Nigeria has officially halted the production and sale of home care and skin cleansing products, including iconic brands like Omo, Sunlight, and Lux, marking the culmination of its exit strategy from these markets announced 10 months ago.
The revelation came to light through the company’s unaudited interim financial statements for the year ended December 31, 2023, published on the Nigerian Exchange Limited (NGX) this Wednesday.
Unilever Nigeria stated in its earnings report, “Production and sales ceased in December 2023,” emphasizing the finality of its decision. The factory once responsible for crafting these household essentials has now been leased to a third party for a duration of 10 years, with ongoing annual rental payments.
With this strategic shift, Unilever Nigeria now focuses solely on foods, beauty and wellbeing, and personal care products, leaving a void in the homecare and skin-cleansing markets.
The company’s departure from these sectors wasn’t without consequences, as indicated by a 45.1 percent year-on-year decline in revenue, dropping from N23.92 billion in 2022 to N16.48 billion in 2023. Moreover, losses surged to N3.72 billion last year, a significant increase from the previous year’s N1.49 billion, underscoring the challenges faced during this transformative period.
