Unilever Ghana declares dividend after recording 296% increase in profits for 2018

Unilever Ghana declares dividend after recording 296% increase in profits for 2018

Unilever Ghana’s annual report for the year ended 31 December, 2018, shows a revenue growth of 10% from GH₵ 575,000,000 in 2017 to GH₵ 632,000,000 in 2018, mostly due to increase in volumes sold.

Unilever Ghana declares a dividend pay-out after recording a 296% increase in profits for 2018

Board chairman of Unilever Ghana Ltd, Edward Effah
Source: Original

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Operating profits before tax was GH₵ 250,000,000, representing 283% increase over 2017’s GH₵ 65,000,000.

Profit after tax therefore improved by 296% to GH₵ 191,000,000 compared to GH₵ 48,000,000 in 2017.

This was announced at the company’s 45th Annual General Meeting in Accra. The meeting was to present the annual report of directors and the audited financial statements for the year.

During the meeting, the board of directors declared a dividend pay-out of GH₵ 0.80 per share from 2018 profits amounting, to GH₵ 50,000,000 to its shareholders.

Unilever Ghana declares a dividend pay-out after recording a 296% increase in profits for 2018

A cross-section of shareholders of Unilever Ghana Ltd.at the 45th AGM
Source: Original

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Board chair of the company Edward Effah explained that some vulnerable emerging market economies have come under strain as the US dollar gained value and the level of risk that global financial investors were prepared to accept dropped.

According to him, most of these countries have seen increases in their external borrowing costs, but the extent of these increases varied widely.

Effah intimated that these developments affected the performance of the Ghanaian Economy in 2018 and by extension, Unilever Ghana Ltd.

He was however quick to add that Ghana’s economy accelerated to 8.5% in 2017 making it the second-fastest growing African economy, trailing after only Ethiopia.

He added that Ghana is gradually building industrial capacity and with a projected growth of 9.8% in 2019, and 5.9% in 2020.

Unilever Ghana declares a dividend pay-out after recording a 296% increase in profits for 2018

Some board members of Unilever Ghana
Source: Original

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Meanwhile, Managing Director of Unilever Ghana, Gladys Asamoah, attributed a recovery in sales by 20% to a price correction of Lipton yellow label in response to market conditions which increased the rate of sale.

She hinted that foods had a fair growth across all brands.

Non-executive director of Unilever Ghana Audits’ committee, Angela Peasah, said the financial statements give a true and fair view of the financial position of the company.

Below are excerpts from the meeting.

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Source: Yen

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