The board and management of Unilever Nigeria Plc have assured the shareholders of their commitment to good corporate governance that would drive sustainability and efficiency and lead to enhanced growth and profitability.
Addressing shareholders at the 95th annual general meeting of the Company, the Chairman of Unilever Nigeria Plc, His Royal Majesty, Nnaemeka Achebe, commended the shareholders for their trust and loyalty to the company.
According to him, despite the challenging business environment, which has now been complicated by the Covid-19 pandemic, the management at Unilever Nigeria will remain strategic in their approach to sustaining the Company’s operations to revert to profitable and sustainable growth.
Achebe said the company posted a revenue of N60.5 billion revenue in the year ended December 31, 2019, representing a decline compared to N92.89bn recorded in 2018. Profit after tax declined from N10.55 billion to N7.42 billion in 2019.
He explained that the these results reflect challenging operating conditions and also the company’s decision to tighten credit terms to address exposure from trade receivables and excess stock in trade to better position it for innovation and a return to competitive growth.
“Although we are not declaring dividend for 2019, we are optimistic because our results show that we made progress in some other critical areas of our operations which speaks to the fact that we are on the right path to growing our business for profitability and better returns on investment for our shareholders. Therefore, the task before the board and management is to drive our strategic objectives that would not only keep the business afloat but also ensure it operates efficiently,” he said.