By Peter Egwuatu

Shareholders of Unilever Nigeria Plc have unanimously endorsed proposal by its Board of Directors to pay N189.2 million dividend for the financial year 2015. The dividend declared amidst a challenging operating year translates to a dividend payout of 5 kobo per ordinary share to the shareholders.

Speaking at the company’s Annual General Meeting, AGM, Chairman, Progressive Shareholders Association of Nigeria, PSAN, Mr. Boniface Okezie said: “We commend the management and Board for even declaring dividend giving the harsh operating environment. We advise management to look inwards and create various products for consumers to buy. We have the population and the market, so raw materials should be sourced here in Nigeria to reduce the cost of production. With this in place the company should be able to make more profit and pay higher dividend in future.”

Commenting, the Chairman of Professional Shareholders Association of Nigeria, Mr. Godwin Anono said “We commend board and management for the company’s performance during the year under review.  We want to see the company pay higher dividend come next year, so we task the marketing department to do aggressive marketing and also come up new products capable of driving profit.”

Analysis of the company’s  performance  show that  in the year ended 2015, it  increased its revenue by 6.2 percent from N55.7 billion recorded in 2014 to N59.2 billion as Profit After Tax (PAT) stood at N1.2 billion compared to N2.4 billion recorded in 2014. Meanwhile, Unilever had recorded a 12.5 percent increase in turnover to the tune of N16.8 billion in the first quarter of 2016. Profit After Tax (PAT) has grown by 76 per cent to N1.04 billion for the first quarter ended March 31, 2016 compared to the N590 billion recorded in the corresponding period of 2015.

Addressing shareholders at the AGM, the Chairman of the Board of Directors, Nnaemeka Achebe, the Obi of Onitsha said that Unilever Nigeria Plc has once again demonstrated business resilience under very difficult circumstances.

According to him “Although 2015 was a challenging year for businesses in Nigeria particularly within the manufacturing sector, Unilever remains committed to delivering returns to its shareholders. Our company’s performance demonstrates our entrenched values of creating a brighter future for stakeholders and for our consumers through brands that make them feel good, look good and get more out of life”.

Commenting further, Achebe said “even in this period of economic downturn, we plan to continue to invest heavily in our factories, people, processes and brands in order to continue to build the needed capabilities to win into the future. As a company, we will continue to appreciate the resilience and unwavering commitment of all our stakeholders; dynamic employees, loyal consumers, dedicated suppliers and other service providers for their unflinching support through these challenging times”.