Unilever Nigeria Plc Shareholders Approves 75 Kobo Dividend

Yesterday, in Lagos, shareholders of Unilever Nigeria Plc approved a dividend payout of 75 kobo per share for the 2023 financial year. This is a significant rise compared to the 25 kobo declared for the 2022 financial year.

It was reported that the declared dividend is estimated at N4.31 billion for the year ended December 2023. The declaration follows an impressive revenue growth of N103.9 billion in 2023, which is said to represent a 51.3% growth compared to the N68.6 billion recorded in 2022. 

At Unilever Nigeria Plc's 99th Annual General Meeting (AGM), held in Lagos, the shareholders expressed appreciation for the company's growth and reiterated their confidence in its leadership to continue expanding the business in the upcoming year. 

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According to the 2023 financial statement, the company's profit after tax settled at N16.4 billion in 2023, up 205.2% from N5.4 billion in 2022.

Speaking during the AGM, Mr. Michael Ikpoki, the Acting Chairman of the Board of Directors at Unilever Nigeria, thanked all of the shareholders for their support over the year despite the difficult circumstances of the previous one. He promised that the Board and Management will continue to do everything they can to spur development and reverse the trend as the company advances towards greater accomplishments. 

"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, people, and operations," he said. 

The Managing Director of Unilever Nigeria, Mr. Tim Kleinebenne, commented on the enhanced business performance, stating that the accomplishment in the year under review is indicative of a cooperative effort from all significant stakeholders, enhanced operational performance, and increased investment in our brands, supply, and distributions to guarantee we satisfy customer needs across channels.

"We are pleased with the results for 2023. It speaks to 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." He said. 

According to Kleinebenne, the company is still committed to remaining in Nigeria for 100 years. It accomplished a significant milestone in 2023 and emerged as the country's longest-serving manufacturing company. 

"We believe in Nigeria and reaffirm that the opportunities are more than the challenges. With our resilience, agility, partnership, and commitment of the government on the ongoing reforms through strategic choices, policy formulation, and implementation, a better Nigeria will gradually emerge." Kleinebenne said.  

READ ALSO: Business Downtime for Unilever Nigeria PLC as the Company loses over N3Billion

On April 3, 2024, the board of directors of Unilever Nigeria Plc proposed that shareholders receive a dividend of N4.309 billion for the financial year ended December 2023, representing a total dividend of N0.75 kobo per share. 

The Board of Directors of Unilever Nigeria Plc has recommended a dividend of 75 kobo per share for the financial year 2023 under the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria. 

This was contained in the company's corporate action announcement to the Nigerian Exchange Limited (NGX) and obtained by the Nairametrics. 

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Back Story

Unilever Nigeria Plc published its unaudited interim report for the three months ending March 31, 2024. The company's turnover during this period was N32.3 billion, a 58% increase over the N20.5 billion turnover for the same period in 2023.

Unilever Nigeria Plc announced a N13.5 billion gross profit for the quarter that ended on March 31, 2024. This represents a 39% increase over the N9.7 billion reported for the same period in 2023.

The outcome showed that continuing operations generated a profit of N3.4 billion for the year ending March 31, 2024, a 19% increase over the profit of N2.8 billion for the same period in 2023.