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Unilever Nigeria reported that its 2017 half-year revenue rose by 40 percent to N45.11 billion as of June 30th compared with N32.28 billion a year earlier.

The company said the revenue growth was driven from strong sales in all three major product divisions. Sales of food products rose 23 percent to N20.73 billion; personal care products rose 53 percent to N12.12 billion; and home care products rose 63 percent to N12.26 billion.

Owing to the strong top-line growth, Unilever Nigeria said after-tax profit rose 236 percent to N3.68 billion compared with N1.09 billion the previous year. An uptick in finance costs, however, moderated the company’s profit during the period.

Unilever Nigeria’s revenue and profit outperformed analysts’ estimates, according to data compiled by CardinalStone Partners, a Lagos-based investment advisory firm.

Unilever Nigeria reported a strong cash position of N14.17 billion, compared a negative cash flow of N608 million a year earlier, as the company began the period with a cash cushion of N7.47 billion.

In April, Unilever Nigeria announced that it will seek shareholder approval to raise N63 billion via a rights issue. The company also said it would seek approval to convert shareholder loans to stock as part of the share sale.

Unilever Nigeria is the local subsidiary of Anglo-Dutch consumer goods giant, Unilever. The company makes products ranging from food, beverages, cleaning agents, and personal care products. Founded in 1923, the company is the longest surviving manufacturing company in Nigeria.

Unilever Nigeria’s stock remained flat at N33 per share as of 10.33am at the Lagos bourse on Monday.