By Peter Egwuatu
Shareholders of Unilever Nigeria Plc have unanimously endorsed its Board of Directors’ proposal to pay N378 million dividend for the financial year ended December, 2016.
The shareholders, though complained that the dividend was too small , commended the Board and management for the performance during the year under review. The shareholders charged the management to put extra effort and take advantage of the economic growth plan of the government to boost the company’s bottom line.
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 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
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