Unilever Plc Holds 97th AGM, Declares N70.5 Billion Turnover

For the financial year ended December 2021, Unilever Nigeria Plc has declared a turnover of N70.5 billion even as the board assured shareholders of their commitment to good corporate governance to drive sustainability and efficiency across the Company’s operations.

The financial results of Unilever Unilever’s for the year under review show considerable progress across all indices, owing to improved operational performance and greater investment in the supply and distribution network, which resulted in high volume.

The company’s financial report shows that revenue from its continuing operations increased by 35 percent to N70.5 billion from N52.2billion the previous year.

1.9 billion was Profit before tax compared to a loss of N4.5 billion in 2020. Profit after tax from its continuing operations was N0.7 billion, up from a loss of N3.8 billion in the previous year.

Speaking at the 97th Annual General Meeting, the Chairman of the Board, His Royal Majesty, Nnaemeka Achebe said, “Despite the challenges faced, our operational discipline on secondary sales, trade debt, overdue, and cash management has driven the right kind of growth in 2021 as we continued to see growth coming back to the business.

 "The management will maintain this strategic approach to the company’s operations to further achieve profitability and long-term growth.

Also speaking, Carl Cruz, the Managing Director of Unilever Nigeria Plc., stated that the considerable improvement in the 2021 financial statements is a direct outcome of the company’s management and staff’s renewed commitment to reaching new heights.

“Unilever Nigeria Plc’s increased focus on business fundamentals such as reinvesting in the brands, enhancing secondary sales, and ensuring adequate liquidity while tightening controls on cost in 2020, resulting in better operational discipline and governance of the business in 2021.

"We prioritised serving the mainstream consumer, ensuring that we met their needs.

“We saw Top Line growth of 35% over last year and a Consistent quarter-on-quarter average growth of 5%. The bottom line grew by N7.4 billion from a loss of N4.0 billion in 2020.

"Our active management of cost inflation benefited our P&L by 800bps improvement on gross margin. Cash managed properly such that we are declaring dividends after two years at N50,000 per share.

"Cash generated in the year at N18.8billipn from N1.2billion in 2020", he said.