April 23, 2024 3:21 pm
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Unilever’s Profit Skyrockets With Asset Sale and Surging Prices

British consumer goods giant Unilever has reported a significant increase in net profit for the first half of the year, thanks to an asset sale and price hikes. The company’s profit after tax rose by 22% to €3.54 billion ($3.9 billion) in the six months leading up to the end of June, compared to the same period last year. This surge in profit was primarily driven by the sale of personal-care business Suave in North America, which brought in a gain of €497 million. Unilever also passed on higher costs to customers through sharp price increases for its goods.

Inflation remains a global concern, with businesses and consumers fighting against rising costs. Particularly in the UK, inflation has proven to be stubbornly high. Despite these challenges, Unilever managed to increase its turnover by 2.7% to €30.4 billion in the first half of the year, demonstrating the company’s resilience.

“Unilever’s performance in the first half highlights the qualities that attracted me to the business: an unmatched global footprint, a portfolio of great brands, and a team of talented people,”

said Hein Schumacher, the newly appointed chief executive of Unilever. Schumacher, the former head of Dutch dairy and nutrition firm Royal FrieslandCampina, replaced Alan Jope earlier this month. Jope left the position under pressure from activist investors after overseeing Unilever’s unsuccessful bid for the former healthcare unit of drugmaker GlaxoSmithKline, worth $50 billion.

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