TheCable

As company repositions for sustained business productivity

Shareholders of Unilever Nigeria Plc have approved the payment of N1.44 billion as a dividend for the Financial Year ended 31st December 2022 at the 98th Annual General Meeting (AGM) of the company held in Lagos. The 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 shareholders, 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 costs profile. Achebe 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.

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.”

The Company’s report shows that Profit After Tax (PAT) appreciated to N4.5 billion representing 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.

On the improved operational efficiency, the Managing Director, of Unilever Nigeria Plc, Mr Carl Cruz maintained that the management sustained its strategic approach to the company’s operations to further achieve profitability in the long-term.

“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 said.