Unilever Reports Better-Than-Feared Net Profit Drop for 2023

Unilever, the Anglo-Dutch retailer known for brands such as Ben & Jerry’s ice cream and Dove soap, has surpassed expectations with its net profit drop for the year 2023. Despite a decrease in turnover in the fourth quarter, Unilever managed to achieve a net profit of 6.49 billion euros ($6.99 billion) for the year, compared to 7.64 billion euros in 2022. This figure exceeds the consensus of 6.23 billion euros based on estimates from 11 analysts.

The decline in turnover, which amounted to 59.6 billion euros compared to 60.07 billion euros in the previous year, was primarily driven by currency headwinds and net disposals. Unilever had anticipated a decrease to 60.04 billion euros according to their own consensus. In the fourth quarter, turnover slipped by 3% to 14.2 billion euros, slightly below the consensus of 14.28 billion euros.

To further strengthen its position in the market, Unilever announced a share buyback program for 2024, with a budget of 1.5 billion euros. The program is scheduled to commence in the second quarter.

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