Unilever Nigeria Plc and its shareholders have approved an increased dividend of 75 kobo per share, up from the 25 kobo declared in 2022. This decision was made during the company’s 99th Annual General Meeting (AGM), held in Lagos on Monday. For the year ending December 2023, Unilever declared a total dividend of N4,308,753,750, reflecting an impressive financial performance.
Unilever reported a significant growth in revenue, reaching N103.9 billion, which represents a 51.3 percent increase compared to the N68.6 billion recorded in 2022. This robust financial performance underscores the company’s resilience and effective strategic decisions amidst Nigeria’s challenging economic environment.
Leadership and Strategic Decisions
During the AGM, the Acting Chairman of the Board of Directors, Mr. Michael Ikpoki, thanked the shareholders for their unwavering support throughout the year despite the challenging economic conditions. He assured them that the Board and Management would continue to strive for growth and navigate the company’s path toward greater success. “Our resolve as a business is to continue to make strategic decisions that will improve our operational efficiencies to meet citizens’ needs through our brands, our people, and our operations,” Ikpoki stated.
The shareholders also expressed their appreciation for this remarkable growth and reaffirmed their confidence in the company’s leadership to continue growing the business in the coming year. The financial statement revealed that profit after tax for the year under review surged to N16.4 billion, up from N5.4 billion in 2022.
Operational Performance and Investments
Managing Director of Unilever Nigeria Plc, Mr. Tim Kleinebenne, highlighted the collaborative efforts and improved operational performance that contributed to the year’s achievements. He noted that greater investment in the company’s brands, supply chains, and distribution networks has ensured Unilever meets consumer needs across various 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,” said Kleinebenne.
100-Year Milestone and Future Outlook
Unilever celebrated its 100-year milestone in Nigeria in 2023, marking its status as the longest-serving manufacturing company in the country. Kleinebenne reaffirmed Unilever’s commitment to Nigeria, emphasizing the long-term opportunities that outweigh current challenges. “We believe in Nigeria and reaffirm our long-term view of the opportunities that outweigh the challenges. 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,” he concluded.
Bottom Line
Unilever Nigeria Plc’s ability to increase dividends and demonstrate significant revenue and profit growth amidst economic turmoil showcases its resilience and strategic acumen. The company’s commitment to operational efficiency, consumer satisfaction, and long-term growth continues to inspire confidence among its shareholders and stakeholders, promising a brighter future for both the company and Nigeria.
