• Tuesday, September 26, 2023
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Unilever Nigeria sells Tea business to MSO Nigeria Limited

Unilever Nigeria pays 50kobo dividend per share

The directors of Unilever Nigeria Plc have recommended to the shareholders the payment of N2.872billion as dividend in respect of year ended December 31, 2021 that is, 50 kobo gross per share which is payable on Friday May 6, 2022 subject to the deduction of appropriate withholding tax.

The company’s statement of profit or loss and other comprehensive income for the year ended December 31, 2021 shows that its full year revenue grew to N70.523billion from N52.211billion in 2020, up by 35.1percent.

Effective October 1, 2021, the Company disposed of its Tea business to Unilever Tea MSO Nigeria Limited, a related party within the Unilever Group, based on an Asset Sale Agreement entered into by both parties.

Subsequent to the disposal, the Company entered into a Transitional Service Agreement (TSA) with Unilever Tea MSO Nigeria Limited to assist in the manufacture and sale of tea products.

Read also: Nigeria waives COVID-19 test for vaccinated travellers

Unilever Nigeria Plc concluded the sale of its tea business as part of a Unilever global separation. One-off income of N2.76billion representing gain from the disposal was recorded. Unilever Nigeria Plc Board has through its Ad Hoc Committee set up for this purpose, sought and obtained professional independent valuation of the Tea business to ensure that the value was fair and in line with market valuation.

Gross profit increased to N20.361billion from N11.074billion in 2020, up by 83.86percent. Profit before minimum taxation increased to N2.060billion from loss of N4.405billion in 2020. Profit for the year was N3.409billion as against N3.965billion loss in 2020.

According to the register of members at December 31, 2021, the following shareholders of the company held more than 5percent of the issued share capital of the company. Except as disclosed below, no other shareholder holds 5percent and above of the Company’s shares. Unilever Overseas Holdings B.V. Holland (3,321,138,208 units or 57.81percent); Unilever Overseas Holdings BV (1,043,023,604 units or 18.16percent) and Stanbic Nominees Nigeria Ltd (Cummulative Holding) (287,572,174 units or 5.01percent).

As we go into 2022, Unilever is mindful that the social and environmental challenges the company faces have not disappeared from the society.

“Covid-19, for example, is still with us, as are issues relating to the environment, economic empowerment, gender, diversity and inclusion, nutrition, health, and hygiene. While these may seem daunting, we are steadfast in our belief that all hands must be on deck in resolving these issues.

“Therefore, we remain committed to our purpose of making sustainable living commonplace. We realise that a strategy for long term economic prosperity is closely linked with one that cares for people, society, and the planet. As we navigate our business landscape to deliver profitable returns to our shareholders, we will do this while creating positive value for people, and planet and the society,” the company said.