Unilever FY24 Profit Down, Lifts Dividend, Plans EUR 1.5 Bln Buyback; Sees Slower Start In FY25

(RTTNews) - Consumer goods major Unilever Plc. (UL, ULVR.L) reported Thursday that its fiscal 2024 profit before taxation declined to 8.87 billion euros from last year's 9.34 billion euros.

Net profit dropped 10.8 percent to 6.37 billion euros from 7.14 billion euros last year.

Earnings per share were 2.29 euros, down 10.6 percent from 2.56 euros a year ago.

Underlying profit was 7.48 billion euros, compared to 6.59 billion euros last year. Underlying earnings per share were 2.98 euros, compared to 2.60 euros a year earlier.

Turnover increased 1.9 percent to 60.76 billion euros from 59.60 billion euros last year. Underlying sales growth was 4.2 percent.

In the fourth quarter, Turnover edged down 0.1 percent to 14.2 billion euros, while underlying sales growth was 4 percent.

Further, the company raised quarterly dividend by 6.1 percent to 0.4528 euros, payable in March 2025. Separately, Unilever announced a new share buyback of up to 1.5 billion euros. It will commence on Thursday and will end on or before June 6.

Unilever has entered into non-discretionary instructions with Goldman Sachs International to conduct the program.

Looking ahead, for fiscal 2025, Unilever expects underlying sales growth to be within multi-year range of 3 percent to 5 percent, and a modest improvement in underlying operating margin versus 18.4 percent in 2024..

The company projects a slower start to 2025 with subdued market growth in the near term.

Further, the company said the planned separation of Ice Cream remains on track to complete by the end of 2025.

The company now announced the appointment of Jean-Francois van Boxmeer as the Chair Designate for the demerged Ice Cream business. Jean-Francois is currently Chair of Vodafone Group Plc and non-executive director of Heineken Holding N.V.

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