British multinational Unilever has reported a 4.2% increase in sales growth for its 2024 fiscal year, reflecting a year of strategic transformations under its Growth Action Plan.
The company’s total turnover reached €60.8 billion (US$63.72 billion), marking a 1.9% increase from the previous year.
According to CEO Hein Schumacher, the company made significant strides in improving its business performance by focusing on fewer, high-impact initiatives.
He emphasized that Unilever’s transformation efforts were executed with speed, resulting in consistent progress throughout the year.
As part of its growth strategy, Unilever continues to refine its portfolio, directing capital toward premium brands in high-potential markets. This includes acquisitions of brands such as K18 and Minimalist, while simultaneously divesting local food brands like Unox and Conimex.
The company recorded four consecutive quarters of underlying volume growth exceeding 2%, with all business segments contributing positively.
Operating profit rose 12.6% to €11.2 billion (US$11.74 billion), while the operating margin improved by 170 basis points to 18.4%—a performance that also saw gross margins reach 45.0%, the highest in a decade.
Performance in Food & Condiments
In its Foods division, sales increased 2.6%, with 2.4% attributed to pricing and 0.2% to volume growth. The Knorr and Hellmann’s brands, which represent 60% of Unilever’s food business, continued to outperform industry averages.
Unilever’s growth strategy remains centered on delivering superior products, expanding reach to more consumers, and capitalizing on high-demand food categories.
The company aims to meet consumer expectations on taste, health, and sustainability while ensuring resilience and efficiency across its supply chain.
The condiments segment saw steady growth, driven by balanced price and volume increases. Hellmann’s mayonnaise expanded its Flavored Mayo range, now available in 30 countries, and introduced new premium formats, including innovative squeeze bottles.
Meanwhile, Unilever Food Solutions recorded high-single-digit growth, led by strong volume demand and supported by strategic initiatives like the latest Future Menu Trend Report, which provides insights for foodservice operators.
Looking ahead, Unilever remains focused on sustaining competitive growth, ensuring that its biggest brands continue to meet evolving consumer needs in a rapidly changing market landscape.
