Unilever Nigeria Plc’s shareholders at the 98th Annual General Meeting (AGM) of the company held in Lagos approved the payment of N1.44 billion as dividend for the financial year ended December 31, 2022.
In its audited financial results considered at the AGM, the company’s Board reported that the leading manufacturing company posted a turnover of N88.5 billion for the financial year, representing a 26% top-line growth from N70.5 billion recorded in FY 21.
Addressing the shareholders at the meeting, the Chairman of the Board, His Royal Majesty Nnaemeka Achebe, said that the company’s efforts at returning to profitability were made possible through a well-managed production cost profile.
He commended the shareholders for their consistent trust and loyalty to the company despite the socio-economic challenges in the country, promising a consistent return on their investment.
Reflecting on the economy, the Board Chairman noted that year 2022 was a challenging year for businesses though with some opportunities, adding that as a forward looking and ever-evolving company, the management was able to adapt and focus on the opportunities to enable the company serve its consumers with products that enhance their health and hygiene.
The Chairman further clarified: “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.”
A further analysis of the financial results showed that the company recorded a Profit After Tax (PAT) of N4.5 billion, representing a 31% increase from the PAT in FY 2021 while the earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at N9.9 billion, also indicating an increase of 114% over the 2021 figures.
Speaking during the AGM on the company’s improved operational efficiency, the Managing Director, Mr. Carl Cruz, pointed out that the management sustained its strategic approach to the company’s operations to further achieve profitability in the long-term.
He explained: “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”, Cruz added.
