May 14, (THEWILL)- Despite the challenging operating environment, shareholders of Unilever Nigeria Plc have approved a N4.3 billion dividend for the 2023 financial year.
The shareholders approved the dividend at the company’s 99th Annual General Meeting (AGM) held in Lagos.
The dividend represents a 200% increase over the 25 kobo the board of Directors declared in 2022.
Addressing shareholders at the AGM, the Acting Chairman of the Board of Directors at Unilever Nigeria Plc, Mr. Micheal Ikpoki, expressed appreciation to all shareholders for their support throughout the year despite the challenging environment in the last year.
He promised that the Board and Management will continue to put in their best in fostering growth and navigating the tides as the company steers toward more success.
“Our resolve as a business is to continue to take strategic decisions that will improve our operational efficiencies to meet citizens’ needs through our brands, our people, and our operations,” he said.
On the performance of the business, the Managing Director of Unilever Nigeria Plc, Mr. Tim Kleinebenne, said the achievement in the year under review was reflective of a collaborative effort from all key stakeholders, improved operational performance, and greater investment in its brands, supply, and distributions to ensure it meets the needs of consumers across channels.
He said, “We are pleased with the results for 2023. It speaks of the impact of the strategic choices we make daily about our operations to better serve the consumers with our best locally produced brands that contribute to improving their health and hygiene.”
Kleinebenne added that Unilever had reached its 100-year milestone in Nigeria in 2023, becoming the longest-serving manufacturing company in Nigeria.
“We believe in Nigeria and reaffirm our long-term view of the opportunities that outweigh the challenges.
“With our resilience, agility, partnership, and commitment of the government on the ongoing reforms through strategic choices, policy formulation and implementation, gradually a better Nigeria will emerge.”
Unilever Nigeria Plc posted a pre-tax profit of N21.9 billion in 2023, representing a 151% growth from the N8.7 billion posted in 2022.
According to the company’s audited financial statements for 2023, it recorded a revenue of N103.9 billion, representing a 51.3% growth from the N68.6 billion posted in 2022.
The company’s profit after tax in 2023 was put at N16.4 billion, marking a 205% increase from the N5.4 billion posted in 2022.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
