At the 95th Annual General Meeting, Unilever Nigeria Plc declared a turnover of N60.5 billion for the financial year ended December 2019.
The meeting was held in compliance with the Federal and State government directives on social distancing in a bid to avoid unnecessary physical contact among attendees.
Unilever Nigeria Plc declared a N60.5 billion revenue in2019, showing a decline compared to N92.89bn recorded in the year ended December 2018. Profit after tax showed a decline at N7.42bn for 2019 compared to N10.55bn recorded in 2018.
This shows the company’s challenging operating conditions as well as a decision to tighten credit terms. This is aimed at addressing exposure from trade receivables and excess stock in trade to better position the company for innovation and a return to competitive growth.
Addressing shareholders, the Chairman of the Board, His Royal Majesty, Nnaemeka Achebe commended the shareholders for their trust and loyalty to the Company.
The chairman noted that despite the challenging business environment, created by the COVID-19 pandemic, the management at Unilever Nigeria will remain strategic in their approach to sustaining the Company’s operations to revert to profitable and sustainable growth.
“Although we are not declaring dividend for FY 2019, we are optimistic because our results show that we made progress in some other critical areas of our operations which speaks to the fact that we are on the right path to growing our business for profitability and better returns on investment for our shareholders,” Achebe said.
In enhancing profitability, the Board and Management of Unilever Nigeria Plc assured shareholders of their commitment to good corporate governance that would, in turn, drive sustainability and efficiency across every aspect of the company’s operations