Unilever Nigeria board assures shareholders of profitability, growth

Shareholders of Unilever Nigeria Plc have been assured of growth and profitability by the board and management as the firm’s repositions for the future.

It would be recalled that at the 98th Annual General Meeting of the firm, the shareholders approved a dividend of N1.44 billion following a 26 percent increase in turnover for FY 2022 which stood at N88.5 million.

The firm’s efforts to return to profitability, according to Nnaemeka Achebe, chairman of the board, were made possible by a well-managed production costs profile.

Achebe thanked the shareholders for their ongoing support despite the socio-economic difficulties in the nation and pledged a steady return on their investment.

Regarding the economy, Achebe in a statement said that 2022 was an unusual year that had its difficulties and advantages.

He said the firm was able to adapt and concentrate on the prospects as a forward-thinking organisation that is constantly changing so that it can offer its customers products that improve their health and hygiene.

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He expressed happiness at the growth trajectory into which the business has been ushered as a result of the Company’s operational discipline on secondary sales, trade debt, cash management, and brand reinvention.

Unilever’s financial report for 2022 shows that an improved pricing strategy increased sales and that a profile of well-managed production costs delivered a strong top-line performance that supported the Company’s effort to achieve healthy growth in gross profit.

Its report shows that Profit after Tax (PAT) appreciated to N4.5 billion, representing a 31 percent increase from the figures in FY 2021. The earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at N9.9 billion, an increase of 114 percent from 2021.

The shareholders were also assured that the management will sustain its strategic approach to operations for profitability in the long term in response to shifting market conditions.

This strategic approach will also include the repositioning of the company to better serve the customers, shareholders and staff for a long time even as the Company celebrates 100 years in Nigeria. Unilever is proud as a truly Nigerian company and the longest-serving manufacturing company to turn 100 years in the country.