Business

Unilever Nigeria shareholders approve N4.309 billion dividend

Shareholders of Unilever Nigeria Plc have endorsed the recommendation of the Board of Directors for a full-year dividend of N4.309 billion, which translates to a dividend payout of 75 kobo per share.

The shareholders approved the company’s 99th Annual General Meeting (AGM) held in Lagos.

The dividend represents a 200% increase over the 25 kobo the board of Directors declared in 2022.

Addressing shareholders at the AGM, the Acting Chairman of the Board of Directors at Unilever Nigeria Plc, Mr. Micheal Ikpoki expressed appreciation to all shareholders for their support throughout the year despite the challenging environment in the last year.

He promised that the Board and Management will continue to put in their best in fostering growth and navigating the tides as the Company steers toward more success.

On the performance of the business, the Managing Director of Unilever Nigeria Plc, Mr. Tim Kleinebenne said the achievement in the year under review is reflective of a collaborative effort from all key stakeholders and improved operational performance, and greater investment in our brands, supply, and distributions, to ensure we meet the needs of consumers across channels.

Kleinebenne added that Unilever had reached its 100-year milestone in Nigeria in 2023, becoming the longest-serving manufacturing company in Nigeria.,

With our resilience, agility, partnership, and commitment of the government on the ongoing reforms through strategic choices, policy formulation, and implementation, gradually a better Nigeria will emerge.”Kleinebenne said.

Nairametrics reported that Unilever Nigeria posted a pre-tax profit of N21.9 billion in 2023, representing a 151% growth from the N8.7 billion posted in 2022.

According to the company’s audited financial statements for 2023, it recorded a revenue of N103.9 billion, representing a 51.3% growth from the N68.6 billion posted in 2022.

According to the financial statement, the company’s profit after tax in 2023 was put at N16.4 billion, marking a 205% increase from the N5.4 billion posted in 2022.

During the year, the group’s nutrition products generated N63.3 billion in revenue, while personal care products generated N33.1 billion in revenue. The group’s discontinued home care operations generated N10.5 billion in revenue in 2023.

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