Unilever Nigeria says it has ceased manufacture and sales of home care and skin washing products, ten months after announcing plans to depart both sectors.
The company stated this in its unaudited interim financial results for the fiscal year ending December 31, 2023, which were published on Wednesday by the Nigerian Exchange Limited (NGX).
Unilever Nigeria said on March 17, 2023, that it would halt manufacture of its homecare and skin-cleansing products, including Omo, Sunlight, and Lux.
Unilever Nigeria stated in its financial report that production and sales “ceased in December 2023”.
Unilever stated that the factory used to manufacture the home care and skin cleansing products has been leased to a third party.
“Subsequent to the company’s exit from the Home Care and Skin Cleansing categories, the factory buildings have been leased to a third party for a duration of 10 years, with annual rental payments,” the company said.
Unilever Nigeria’s departure from the homecare and skin-cleansing segments leaves the company with only food, beauty and wellness, and personal care items.
Prior to its pullout from both markets, Unilever Nigeria recorded a decrease in sales and an increase in losses.
Revenue plummeted by 45.1 percent year on year to N16.48 billion in 2023, down from N23.92 billion earned between January and December 2022.
Last year’s loss jumped to N3.72 billion, up from N1.49 billion the year before.