Shareholder of Unilever Nigeria Plc at the 93rd Annual General Meeting (AGM) of the Company held in Lagos approved the payment of N2.872 billion proposed by the management.
The dividend translates to a payout of 50 kobo gross per share to the shareholders. In the year ended 2017, the Company increased its revenue by 30 per cent from N69.7 billion recorded in 2016 to N90.7 billion in 2017.
Profit after tax (PAT) for the year ended 31st December, 2017 increased significantly by 143 per cent to N7.45 billion from N3.07 billion reported for the year ended 31st December 2015.
Addressing shareholders at the AGM, the Chairman of the Board of Directors, His Majesty Nnaemeka Achebe, the Obi of Onitsha said that Unilever Nigeria performed creditably in the financial year through its brands. He noted that the result reflects a solid business and the strength of the company’s operations.
“The strategic initiatives and tactical plans the board and management implemented during the financial year to tap into the budding economy yielded positive results. The board and management will continue to monitor the business environment and make necessary adjustments to sustain positive growth momentum into the future,” Achebe said.
He noted that in line with the dividend policy of Unilever to continue to use earnings in the business to fund working capital and capital expenditure requirements, the board favours the concept of shared prosperity and responsibility to ensure the company continues as a going concern.
“The board reiterates the drive for the implementation of electronic dividend and electronic bonus payment system in line with the regulatory direction of the Securities and Exchange Commission (SEC) to eradicate the incidence of unclaimed dividend and total dematerialization of share certificates,” Achebe said.
He called on shareholders to ensure they complete e-dividend/ e-bonus application forms and submit to registrars to facilitate the implementation of the system. “Unilever remains confident about the future of the company in the long term in Nigeria,” he said. As we therefore continue to focus on the right initiatives to delight our consumers, drive the penetration of our brands into all market segments and build strong brand equity.”