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Despite the country’s economic challenges, which negatively impacted consumer spending and disposable incomes, Unilever Nigeria has reported revenue and profit that surpassed analysts’ estimates.

The company said on Thursday that revenue rose by 18 percent to N69.78 billion compared to N59.22 billion in 2015. The revenue growth was supported mainly by strong growth in the company’s food products and home care divisions.

After-tax profit rose by 157.6 percent to N3.07 billion as against N1.19 billion reported in the previous year owing to the positive top-line growth as well as a much slower pace of increase in its input costs.

Unilever Nigeria’s revenue and profit exceeded analysts’ estimates of N67.9 billion and N2.1 billion, respectively, according to CardinalStone Partners, a Lagos-based investment advisory firm.

For the year under review, Unilever Nigeria said basic earnings per share rose to 81 kobo per share from 32 kobo per share posted a year earlier. The company has proposed a final dividend of 10 kobo per share.

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.

At the close of trading at the Lagos bourse on Friday, Unilever Nigeria’s stock remained unchanged from the previous day’s close at N32.3 per share.