Board Chairman Edward Effah flanked by Ziobeieton Yeo, MD of Unilever Ghana and Ange la Pea sah, a board member
Unilever Ghana Limited results for the year ended 31 December 2017 showed a revenue growth of 16% from GH¢496 million in 2016 to GH¢575 million in 2017, mostly due to increase in volumes sold.
Operating costs increased by 15% driven by an increase in cost of materials.
Operating profit before tax was GH¢65.3 million, representing 22% increase over 2016’s GH¢53.5 million.
Profit-after-tax therefore improved by 23.3% to GH¢48.1 million compared to GH¢39.05m in 2016.
“The government’s fiscal consolidation policies were largely on target leading to stabilization of the economy after the difficult economic challenges in 2016. This resulted in attracting investment into the economy accounting for the growth experienced during the year. Unilever will continue to take advantage of the stable economy and conducive business environment and work to build on our sustainable business, creating wealth and good returns to shareholders,” Edward Effah, Board Chairman of Unilever Ghana Limited, told shareholders at its annual general meeting yesterday in Accra.
A dividend pay-out of GH¢0.25 per share from the 2017 profits, amounting to a total of GH¢15.625 million, representing 29% of the company’s cash position at year end.
Ziobeieton Yeo, Managing Director of Unilever Ghana, said financial results for the year ended 31 December 2017 showed a good improvement compared with 2016 performance.
“Revenue increased by 16% from GH¢496m in 2016 to GH¢575 million in 2017 largely due to increase in volumes sold. Operating profit-before-tax increased by 22%, growing from GH¢53.5 million in 2016 to GH¢65.3 million in 2017. Profit-after-tax grew by 23.3% to GH¢48.1 million compared to GH¢39.05m in 2016.
“Cash and cash equivalent improved significantly at GH¢53.18 million in 2017 compared with GH¢3.47 million in 2016. As a company, we continue to prioritize our investment in building efficient process equipment as a critical means to meet our customers and consumers needs, thus delivering our ambitious growth agenda.
“Investment of more than GH¢21 million was undertaken in multiple areas: Laundry bar factory upgrade to cope with the increased sales; plant condensers and efficient dryers; commissioning of Blue Band packaging line and the new powders packing line for Omo and Sunlight.”