Business

Asset Sale, Higher Prices Lift Unilever Profit

The consumer goods giant PAT increased to 3.54 billion euros in the first 6 months of the year.


25th July 2023 08:50 AM

Consumer goods giant Unilever on Tuesday said its net profit increased more than a fifth in the first half thanks to an asset sale and as it lifted prices.

Profit after tax rose 22 percent to 3.54 billion euros in the six months to the end of June from a year earlier, the firm said in a statement.

Unilever said it gained 497 million euros from the sale of personal-care business Suave in North America. It added that it had passed on higher costs to customers through sharp price increases for goods.

The British firm said its turnover increased 2.7 percent to 30.4 billion euros in the year's first six months.

"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 chief executive Hein Schumacher.

The former head of Royal FrieslandCampina replaced Alan Jope this month after the Scottish left due to fierce pressure from activist investors.

He last year oversaw Unilever's failed $50-billion bid for the former healthcare unit of drugmaker GlaxoSmithKline.