Unilever Nigeria Plc Approves N1.44bn Dividend Payment at 98th AGM, Records 26% Growth in Turnover

At Unilever Nigeria Plc's 98th Annual General Meeting (AGM) in Lagos, shareholders approved the payment of N1.44 billion in dividends for the financial year that ended on December 31, 2022. Unilever Nigeria Plc saw an impressive 26% increase in top-line growth for the latest financial year, with a turnover of N88.5 billion, up from N70.5 billion in FY 21.

During his speech to the shareholders, Chairman of the Board, Nnaemeka Achebe, credited the company's efficient production cost management for its successful return to profitability. He also expressed his gratitude for the shareholders' consistent trust and loyalty despite the challenging socio-economic circumstances in the country, and vowed to provide them with a reliable return on their investment.

See What Achebe Had to Say

On the economy, Achebe explained that “the year 2022 was a peculiar year that came with its challenges and opportunities. As a forward looking and ever evolving organisation, we were able to adapt and focus on the opportunities to enable us to serve our consumers with our products that enhance their health and hygiene.”

He added that, “we are pleased that our operational discipline on secondary sales, trade debt, cash management, and brand repositioning has ushered in the growth trajectory we desire for the business. Our financial report for 2022 shows that an enhanced pricing strategy has increased sales, and a well-managed production costs profile has produced a solid top-line performance that has aided in our efforts to achieve healthy growth in gross profit.”

Unilever Nigeria Plc's Managing Director, Mr. Carl Cruz, explained that the company's enhanced operational efficiency is a result of the management's persistent adherence to a strategic approach to operations, which is aimed at achieving long-term profitability.

“All businesses must adjust to shifting market conditions, and the moment has come for us to reposition Unilever Nigeria to better serve our customers, shareholders, and staff. By implementing strategic changes, we will unleash the sustainable and profitable growth we require to continue operating for the next 100 years. We are a truly Nigerian company and the longest-serving manufacturing company to turn a 100 years in the country,” Carl Cruz said.

The company’s report shows that Profit After Tax (PAT) appreciated to N4.5 billion, representing a 31% 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% from 2021.

Unilever has reported impressive financial results for the year ending on December 31st, 2022. The company's gross profit surged to N31.1 billion, indicating a massive increase of 53% compared to N20.3 billion in the same period the previous year. 

However, that's not all; Unilever's profit for the year from continuing operations was N4.4 billion, marking an enormous 549% growth compared to the N0.7 billion profit they generated in 2021. In total, Unilever's net profit for the year reached N4.4 billion, up from N3.4 billion (including profit from discontinued operations) for the corresponding year in 2021.

STOCK PRICE;In addition to the impressive financial results, it's worth noting that Unilever's stock price closed at N13.60 in the market today.

Unilever's strong financial performance and increasing stock price are likely to be a source of encouragement for the company's management and employees, as well as for shareholders and investors.