Unilever Nigeria holds AGM, declares N378m dividend

Unilever Nigeria Plc. has declared a dividend of N378 million following the approval of the company’s shareholders at the 92nd Annual General Meeting of the Company held in Lagos on Thursday, May 11 at the Muson Centre. The dividend declared amidst a challenging operating year and environment translates to a dividend payout of 10 kobo gross per share to the shareholders.

In the year ended 2016, the Company increased its revenue by 17.8 percent from N59 billion recorded in 2015 to N69 billion as Profit After Tax (PAT) for the year ended 31st December 2016 increased significantly by 157% to N3.07bn from N1.19bn reported for the year ended 31st December 2015.

Addressing shareholders at the 92nd AGM, the Chairman of the Board of Directors, His Majesty Nnaemeka Achebe, the Obi of Onitsha said that Unilever Nigeria Plc. has once again demonstrated business resilience under very difficult circumstances. He asserted that the company’s performance shows its commitment to grant shareholders returns on their investments.

According to him, “The Company’s performance for the year ended 31 December 2016 shows sustained growth and resilience even under depressed economic conditions. Although Unilever Nigeria has not been insulated from the tough economic environment, we have remained focused on our short and long-term growth ambitions with a strong emphasis on operational intensity, cost efficiencies, growing market share across key categories as well as reinvesting behind our iconic brands”.

Speaking further, Achebe said “even in this period of economic downturn, Unilever Plc. is dogged about ensuring sustained and steady growth in the company’s operations to achieve improved returns on investments. We are more resolute than ever to continue to forge ahead despite the business operating environment”.

“As a company, we will continue to appreciate the resilience and unwavering commitment of all our stakeholders; shareholders, dynamic employees, loyal consumers, dedicated suppliers and other business partners for their unflinching support through these challenging times. We look forward to a better 2017 for our brands and our great company which you are all an important part of”.

“In line with the company’s priority, Unilever remains committed to driving returns on investments to shareholders. However, our company recognises that these are unusual times and prudence demands that we should continue to plough back into the business in the short term in order to secure a sustainable future” Achebe said.

Unilever is a company that cares about humanity and value the environment, through our business practices, we continually demonstrate a deep commitment to delivering products that meet the needs and aspirations of our consumers and align with the global goals of making our planet safe, beautiful and sustainable, he concluded.