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6d ago

Unilever H1 Profit Falls 5% as Magnum Spin-Off Nears

Completion of The Magnum Ice Cream Company spin-off is scheduled for mid-November following a 3.4 percent rise in underlying sales.

Unilever logo is pictured on a Dove soap box in this illustration taken on January 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
Unilver’s ice cream business reported underlying sales growth of 5.9 per cent in the first half of the year
Strong sales of ice cream brands like Ben & Jerry’s helped underlying sales performance at Unilever, but the company will soon spin off the unit
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Overview

  • Unilever’s first-half net profit dropped to €3.5 billion compared with the same period last year.
  • Group turnover slipped 3.2 percent to €30.1 billion even as overall underlying sales grew 3.4 percent.
  • The ice cream arm delivered a 5.9 percent sales increase to €4.6 billion, driven by Magnum and Ben & Jerry’s.
  • Separation costs for the demerger reached about €850 million and free cash flow fell to €1.1 billion.
  • The company plans €650 million in productivity savings by end-2025 and expects 3–5 percent full-year sales growth.