Recently, Unilever Nigeria Plc (UNILEVER) published its Audited FY-2020 and Unaudited Q1-2021 financial result. According to the reports, Revenue grew marginally in FY-2020, up 2.4% y/y to N62.0bn. In Q1-2021, Revenue surged 45.7% y/y to N19.4bn. However, the company’s revenue improvement remains undermined by huge cost pressures and impairment booking. As a result, UNILEVER recorded a loss of N4.0bn in FY-2020 and N0.5bn in Q1-2021. Below, we update our model estimates for UNILEVER, based on the recently published numbers and provide our expectations for the rest of the year.