BY NKIRUKA NNOROM & PRINCEWILL EKWUJURU

…pays N1.40 dividend
Shareholders of Unilever Nigeria Plc have commended the board and management of the company for their consistency in creating value for them through steady dividend payment over the years.

They also gave the Board the approval to pay the recommended N5.491 billion dividends, which translates to N1.40 per share dividend to all members of the company.

Giving the commendation at the 87th Annual General Meeting, AGM, in Lagos, the shareholders said the dividend, as well as the financial performance, is laudable given the harsh operating environment manufacturers are subjected to in the country.

Speaking on behalf of other shareholders at the meeting, the duo of Mr. Boniface Okezie, National Chairman, Progressive Shareholders Association of Nigeria, PSAN, and Mr. Timothy Adesiyan, another shareholder, called on the company to go back to its tradition of combining dividend payment with bonus issue, saying that they were so rewarded six years ago.

They observed that turnover growth of 16.9 per cent as against 5.2 per cent in the corresponding year in relation to the distribution cost and administrative expenses of N2.5 billion and N9.2 billion respectively were testimony to efficient cost management spearheaded by the Chairman of the Board, His Majesty Nnaemeka Achebe.

Speaking earlier, the Chairman noted that the turnover grew from N46.807 billion in 2010 to N54.724 in the review period, while profit after tax went up to N5.59 billion from the previous N4.180 billion, a 10 per cent increase over the previous results.

He also explained that earnings per share increased by 31 per cent from N1.11 per share to N1.45 per share in 2011, while operating margin improved from 14.5 per cent in 2010 to 15.0 per cent in the review period.

He stated that the performance for the period reinforced the company’s capability to continue to win the hearts of its consumers through brands which create a better future, saying, “Our strong fundamentals attest to the success of our growth initiatives and our commitment to continue to invest into the future and deliver sustained shareholders value.”