UNILEVER 99 AGM: Shareholders Applaud Revenue Growth, Approve N75k Dividend Per Share

L-R: Executive Director and National finance Director, Unilever Nigeria PLC, Folake Ogundipe; Non-Executive Director, Chika Nwobi; Independent Non-Executive Director, Ammuna Lawani Ali, OON; Interim Chairman/Independent Non-Executive Director, Michael Ikpoki; Managing Director, Unilever Nigeria PLC, Tim Kleinebenne; Non-Executive Director, Abiola Alabi; Senior Counsel and Company Secretary, Afolasade Olowe; Non-Executive Director & Executive Vice-President Unilever East & West Africa, Ben Langat and Procurement Director, Unilever West Africa and Executive Director Unilever Nigeria PLC , Obinna Emenyonu, at the 99th AGM of the Company.

Unilever Nigeria Plc. has declared a dividend of N4,308,753,750 (Four Billion, Three hundred and Eight Million, Seven hundred and fifty-three thousand, Seven Hundred and Fifty Naira) for the year ended December 2023. The declaration follows an impressive growth in revenue of N103.9 billion representing a 51.3% growth compared to N68.6 billion recorded in 2022.

During the Company’s 99 Annual General Meeting, which was held in Lagos, shareholders approved the dividend at 75kobo per share, an increase from the 25kobo declared in 2022. The shareholders appreciated this growth and reaffirmed their belief in the leadership of the company to grow the business into the coming year.

According to the financial statement of the Company, profit after tax for the year under review grew to N16.4 billion from N5.4 billion in 2022.

Speaking 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 successes.

“Our resolve as a business is to continue to take strategic decisions that will improve our operational efficiencies to meet citizens needs through our brands, our people, and our operations.” He said.

On the improved 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.

“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.” He said.

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

“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.” Kleinebenne said.