By Business A.M.
The board and management of Unilever Nigeria Plc has assured shareholders of growth and profitability as the company repositions for the future.
The publicly listed company with trading and manufacturing interest in the consumer goods market, recalled that at its 98th Annual General Meeting (AGM), the shareholders approved a dividend of N1.44 billion following a 26 per cent increase in turnover for Full Year 2022 which stood at N88.5 million.
Nnaemeka Achebe, the chairman of the board, while addressing the shareholders recently, said the company’s efforts to return to profitability 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.
Commenting on the economy, the Unilever board chairman said that 2022 was an unusual year that had its difficulties and advantages. He said the company was able to adapt and concentrate on the prospects as a forward-thinking organization that is constantly changing so that it can offer its customers products that improve their health and hygiene.
Achebe 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.
During the period under review, the company’s report shows that Profit After Tax (PAT) rose to N4.5 billion representing a 31 per cent increase from the figures in FY 2021. In a similar trajectory, earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at N9.9 billion, an increase of 114 per cent from 2021.
Underpinned by a commendable financial performance despite the economic headwinds, Unilever Nigeria also assured its shareholders 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, it said, 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,” the company stated.