LONDON, April 24, 2026, 12:58 BST
Unilever PLC’s Nigerian unit reported a firmer first quarter, with revenue rising to ₦59.17 billion from ₦46.98 billion a year earlier and profit before tax climbing to ₦13.42 billion from ₦10.75 billion, unaudited statements showed. Net profit rose to ₦7.02 billion, against ₦5.55 billion.
The timing matters. Unilever is days away from its April 30 first-quarter trading statement, and investors are watching for proof that its emerging-market businesses can still carry volume growth while the group reshapes itself around beauty, personal care and home care.
In London, Unilever shares were up 1.57% at 4,298.50 pence by 12:42 BST, on delayed data. The stock was still down 16.24% over one year, a reminder that investors have not yet fully bought into the break-up story.
The Lagos-listed business is controlled by Unilever Overseas Holdings BV, which held 75.96% of its ordinary shares at the end of March. Its free float stood at 24.03%, the filing showed.
Managing Director Tobi Adeniyi said the quarter was “driven primarily by increased volume,” helped by innovation and stronger execution in the market. He said the company would keep pushing a “play-to-win” culture across categories. Businessday NG
Foods remained the unit’s largest business, generating ₦37.69 billion of first-quarter revenue, ahead of personal care at ₦15.84 billion and beauty and wellbeing at ₦5.64 billion. Domestic sales accounted for about 98% of revenue, leaving the result heavily tied to Nigerian household demand.
That food skew gives the numbers wider relevance. Unilever and McCormick agreed last month to combine Unilever Foods with the U.S. spice maker in a Reverse Morris Trust, a tax-efficient structure in which a business is spun off and then merged with another company. The deal values Unilever Foods at about $44.8 billion and is expected to close by mid-2027, subject to approvals.
Unilever has said the transaction would leave it with a €39 billion business focused on beauty, wellbeing, personal care and home care. The company also told investors this month it expects 2026 underlying sales growth — sales growth excluding currency and deal effects — at the bottom end of its 4% to 6% range, with at least 2% volume growth.
Analysts remain split on the McCormick plan. RBC analyst James Edward Jones questioned the deal’s “minimal control premium,” while Chris Beckett, a consumer staples analyst at Quilter Cheviot, called it “transformational for McCormick, but incremental for Unilever.” Reuters
The competitive frame is changing too. A cleaner Unilever would be judged more directly against Procter & Gamble and L’Oréal, where investors tend to reward sharper focus in personal care and beauty; Barclays analyst Warren Ackerman said the pure-play prize would be “worth it in the end,” while Ninety One’s Will Nott warned that any re-rating “won’t happen overnight.” Reuters
But the risk is that the Nigerian momentum does not travel cleanly into the group result. Nigeria’s inflation rose to 15.38% in March, the first increase in a year, while European unions are pushing for longer job protections tied to the McCormick transaction, adding another execution point for management.
For now, the Nigeria update gives Unilever a helpful marker: volume-led growth in a difficult market, heavy exposure to foods just as that business is being carved out, and a share price that still needs convincing. The larger test comes next week.
