Hindustan Unilever (HUL)’s parent company Unilever has announced 2024 results. The FMCG major said it increased its brand and marketing investment by 120bps to 15.5% of turnover (€60.8 billion), an increase of 900 million Euros in 2024.
“Our brand and marketing investment has been the highest percentage of turnover in over a decade with an increase of 250bps or 1.6 billion Euros over the last two years,” the consumer goods company said in a stock exchange filing.
Unilever posted a 3.7 percent decrease in its operating profit to 9.4 billion euros in 2024 YoY. The underlying sales growth for the full year stood at 4.2 percent, led by volume of 2.9 percent and price of 1.3 percent, it added.
Among the key segments of Unilever, Beauty & Wellbeing underlying sales grew by 6.5 percent, and personal care grew by 5.2 percent in 2024, led by strong sales growth of Deodorants. Home Care underlying sales increased by 2.9 percent, and Foods grew underlying sales by 2.6 percent, with muted volume growth of 0.2 percent amidst a market slowdown and moderating prices. Unilever’s Ice Cream business grew 3.7 percent last year.
The company provided an update on the spin-off of its ice cream business, which houses brands including Ben and Jerry’s and Magnum, saying it would be demerged through a triple listing. Ben & Jerry’s grew mid-single digit, with premium innovations including new oat-based ice creams.
“The separation of ice cream is on track to be completed by the end of 2025. We are making progress on the key workstreams, including the legal entities set up, implementing the standalone operating model, and preparing the carve-out financials,” Unilever said in the filing.
Jean-Francois van Boxmeer has been appointed as Chair Designate for the separated ice cream business. Ice Cream will be separated by way of demerger, through listing of the business in Amsterdam, London, and New York. The company’s ice cream business will be incorporated in the Netherlands and will continue to be headquartered in Amsterdam.