Shareholders of Unilever Nigeria Plc have approved the Board of Directors’ recommendation for a full-year dividend of N4.309 billion, translating to a dividend payout of 75 kobo per share. The approval came at the company’s 99th Annual General Meeting (AGM) held in Lagos. This dividend represents a significant increase of 200% compared to the 25 kobo dividend declared by the Board of Directors in 2022.
Addressing shareholders at the AGM, Mr. Micheal Ikpoki, Acting Chairman of the Board of Directors, expressed gratitude for their support despite the challenging environment in the past year. He assured shareholders that the Board and Management would continue to work diligently to foster growth and overcome challenges for the company’s success.
Mr. Tim Kleinebenne, Managing Director of Unilever Nigeria Plc, highlighted the collaborative efforts of key stakeholders and improved operational performance as contributing factors to the company’s achievements in the past year. He emphasized the company’s commitment to meeting consumer needs through strategic decisions and investments in brands, supply, and distribution channels.
Kleinebenne also mentioned that Unilever Nigeria celebrated its 100-year milestone in Nigeria in 2023, making it the longest-serving manufacturing company in the country. He reaffirmed the company’s belief in Nigeria’s long-term opportunities despite challenges, expressing optimism for a better future through resilience, agility, and partnerships.
Financially, Unilever Nigeria posted impressive results for 2023, with a pre-tax profit of N21.9 billion, representing a 151% growth from the previous year. Revenue also saw significant growth, reaching N103.9 billion, a 51.3% increase from 2022. Profit after tax surged to N16.4 billion, marking a 205% increase from the previous year. The company’s nutrition products generated N63.3 billion in revenue, while personal care products and discontinued home care operations contributed N33.1 billion and N10.5 billion in revenue, respectively, in 2023.
Source : nairametrics
