Unilever reports third-quarter, nine-month profits

Unilever Caribbean Ltd (UCL) reported a profit after tax of $5.5 million for the quarter ending September 30, as compared to $8.5 million for the same period the year before.

The company also reported profits for the nine-month period ending September 30 of $19.3 million.

The profits for the nine-month period not only exceed the profit after tax for the same period the year before ($13.2 million), but also surpass profits reported for the year ending December 2023, when it earned $18.3 million.

Chairman Daniela Bucaro said for the third quarter of this year, revenue increased 7.8 per cent, from $48.8 million in 2023 to $52.6 million for the same period in 2024.

The company saw a three per cent increase in revenue for the nine-month period ending September 30, 2024, reaching revenue of $173 million for the year, as compared to $168.1 million the year before.

Bucaro said operating profit for the year to date increased by 34.7 per cent, closing at $27.9 million as compared to $20.7 million for the same period in 2023.

She said the revenue growth was mainly attributed to the beauty and personal care segment of the company.

Power brands such as Dove, Degree, Vaseline and Axe contributed to the segment, growing from 50 to 55 per cent of the company’s total revenue.

The ice-cream segment also performed well as a result of a change in distributor.

Reinvestment in brands in the home care segment continues to provide results as well, Bucaro said, as it continues to see positive momentum.

"This improved profitability has enabled reinvestment in our brands as we invest in future growth. UCL continues to effectively and diligently manage its working capital by maintaining optimal inventory levels and ensuring healthy receivable levels while fulfilling obligations as they become due," Bucaro said.