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UNVR Q1 2024 Results: Unilever Indonesia posts IDR 1.4 trillion Net profit, expanding Gross Margins and Volume growth


Average read time: 4 minutes

Today, PT Unilever Indonesia Tbk. (“the Company”), disclosed its first quarter results for 2024, showcasing margin improvements and positive underlying volume growth.

Grha Unilever, Head Quarter Unilever Indonesia

Overall Performance

  • Positive underlying Volume Growth (UVG) of 0.2% year-on-year, with domestic revenue growth improving by 24.7% from Q4 2023; a decline of 4.7% year-on-year.
  • Net Sales of IDR 10.1 trillion with a Net Profits of IDR 1.4 trillion.
  • Profit Before Tax (PBT) Margin increased by 131 basis points vs last year at 18.4%, and 844 basis points vs previous quarter.
  • Gross Margin increased by 61 basis points vs last year to 49.9%, +156 basis points vs Q4 2023.
  • Advertising expenses increased by 107 basis points from 8.0% in Q1 2023 to 9.0% in Q1 2024.
  • Net Profit growth +3.1% vs last year, driven by Gross Margin improvements and lower service fee.

A statement from President Director, Benjie Yap

Our first quarter's performance underscores our resilience and adaptability in the face of challenges. We have witnessed an improvement in our financial performance, as well as a growth in volume and margins. Despite the obstacles posed by geopolitical tension, we are confident in our ability to get our business back on track.

Our March sales run rate in key channels recovered to Q3 2023 levels and we are rebuilding our market share month on month from December 2023 lows. We have also maintained our market leadership position in more than 80% of categories in which we operate. These positive results are due to the effective execution of our strategic priorities.

Our focus remains on strengthening the drivers of growth that underpin our business. We are committed to delivering a consistent, profitable, competitive, and responsible business. Therefore, we prioritize maintaining our market competitiveness through superior innovations, unmissable brand communications and market development programs.

Strategic Thrust

1. Get More from the Core

Focus on Power Brands: We continued our focus to strengthen our Core which contributed to almost 80% of our sales. The launch of Vaseline Gluta Vitamin and relaunch of Pepsodent Sensitive Expert with superior benefits, as well as the relaunch of Clear with stronger communication were examples of execution in this strategic pillar. To acquire more users and more usage in this quarter, we optimised festive momentum through relevant campaigns for Bango and Royco, as well as launching new variants of Tin & Zaitun in Lifebuoy bodywash. We continued to ensure sufficient levels of investment to support our brands, stepping up our advertising in the quarter by 107 basis points to 9.0% of sales.

2. Be Market Makers

We have launched several innovative products to strengthen our portfolio in both the premium and value segments. To further establish our leadership in the value segment, we have, we have launched Lifebuoy Dishwash, a product that offers superior degreasing formula and effectively eliminates bacteria in just one wash. This product is used by more than 50 hospitals in Indonesia as a specialist for hospital kitchens. In the premium segment, we have launched Pepsodent Electric Toothbrush, Tresemme Serum and relaunched Pepsodent herbal.

3. Execute Brilliantly in Market

We are accelerating our Go-To-Market Transformation, future-fitting our channels with execution at higher speed. This entails Distributive Trade transformation through better coverage, especially of large stores, developing stores for better assortment, merchandising, and loyalty, and increasing retailer satisfaction.

4. Step up our impact

Build back gross margin: We accelerated our recovery in the first quarter of 2024 with gross margin improvements at 61 basis points to 49.9%. This was driven by strong savings initiatives including commodity price management, factory automation and cost restructuring, simplification and ensuring the effectiveness of our spends.

5. Sustainability at our Core

We are honing our sustainability efforts around four critical platforms: Climate, Plastic, Nature and Livelihoods. We will focus on shorter-term targets to drive more impact. In 2023 we collected & processed more than 56,000-ton plastics, more than 100% of the plastic we use to sell our products throughout the year.

Looking Forward

The company remains committed to drive competitive volume growth and gross margins while maintaining competitiveness, continuing to invest behind brands and strategic priorities, and accelerating Go-To-Market transformation.

For further information:

Unilever Indonesia Press Office

Tel: +6221 8082 7000

Fax: +6221 8082 7002


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