Unilever Ploughs Back GH¢15m Profit

Unilever Board members addressing the press after the AGM

 

The Board Chairman of Unilever, Edward Effah, has revealed that the company will reinvest the GH¢ 15 million dividend made in 2022 into the company in order to improve the efficiency and brand of the company.

According to the Chairman, the depreciation of the Ghanaian cedi by 19.1 per cent, 21.4 per cent, and 20.7 per cent against the Dollar, Pound Sterling, and the Euro respectively, drove the company’s Board Directors to take the decision.

He also added that the current inflation rate at 50 per cent, as well as other economic factors propelled the company to retain shareholder dividends and reinvest them into products owned by the organization to improve its customer development and grow the market.

This was revealed at the 2022 Annual General Meeting held in Accra on Tuesday, May 23, 2023.

Mr. Effah further highlighted that the decision taken by the Board was supported by the various shareholders of the company.

“They understand that given the fact that the company’s performance continues to improve every year, they understood and some of them even stood up and commended the board and management for the improved performance over the last few years,” he shared.

He further explained that the company would be investing in developing its customers and growing the market through both direct and indirect sales.

Managing Director of Unilever, George Owusu-Ansah, also revealed that the company earned a 20 per cent increase in revenue from GH¢527 million in 2021 to GH¢632 million in 2022.

According to him, the 15 million profit made in 2022 is an improvement over the previous year’s profit of GH¢0.4 Million.

Mr. Owusu-Ansah further stated, “The Beauty and Personal Care (BPC) category experienced a sales growth of 27.6 per cent; the Nutrition Business Group achieved a sales growth of 60.4 per cent whiles Home Care Category experienced a flat growth.”

He also added that the cash and cash equivalents ended at a deficit of GH¢57 million in 2022 compared with a deficit position of GH¢26 million in 2021.

By Jamila Akweley Okertchiri & Abigail Atinuke Seyram Adeyemi