Business - Companies
Updated: May 12, 2021

Unilever Holds 96th AGM, Declares N62bn Turnover in 2020

By Oluwatosin Ogunjuyigbe
May 12, 2021
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Unilever building

Leading consumer goods producer, Unilever Nigeria Plc has declared a turnover of N62 billion for the financial year ended December 2020, even as the Board assured shareholders of their commitment to good corporate governance to drive sustainability and efficiency across the Company’s operations.

Addressing shareholders at the 96th Annual General Meeting of the Company, the Chairman of the Board, His Royal Majesty, Nnaemeka Achebe commended the shareholders for their trust and loyalty to the Company despite the challenges posed by the COVID-19 pandemic in the year under review. He added that the Company will remain strategic in its approach to attaining sustainable growth and profitability.

According to the Company’s financial report, there was a 2.4 per cent year-on-year increase in revenue from N60.8 billion to N62 billion in the year under review. The increase was driven by 7.3 per cent year-on-year growth in its food products, which was slightly offset by a 3 per cent revenue drop in the home and personal care segments. These results reflect a challenging operating environment

Speaking on the results, The Chairman, Board of Directors, Nnaemeka Achebe, stated that even though 2020 was a year of significant disruptions and volatilities impacting the operating environment, Unilever Nigeria continues to build its resilience to navigate the impact of headwinds.

Achebe added that the company remains focused on its strategy to deliver sustainable growth both in the medium and long-term riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories.

“We continue to monitor the business environment and respond appropriately to volatilities in the operating environment as well as disruptions from the Covid-19 pandemic,” he said.

In compliance with the Federal and State government directives on social distancing as part of measures to reduce the spread of the coronavirus, this year’s AGM was hybrid with most of the shareholders joining virtually.