Unilever Ghana Limited recorded revenue growth of GH¢ 632 million in 2018, representing a 10 per cent increase of GH¢ 575 million in 2017.
The growth was due to increase in volumes of products sold.
The Company’s operating profit before tax for 2018 rose to GH¢ 250 million, compared to GH¢ 65 million recorded in 2017, while profit after tax improved GH¢ 191 million in 2018 to GH¢ 48 million in 2017.
In line with the performance, the board of the company recommended to pay a dividend of GH¢ 0.80 per share from the 2018 profits, amounting to a total of GH¢ 50,000,000, which shareholders approved.
Mr Edward Effah, the Board Chairman of Unilever Ghana Limited, announced this on Friday at the company’s Annual General Meeting in Accra.
How did the Profit Growth Happen?
The Managing Director Unilever Ghana Gladys Asamoah stated that the increase in sales by 20% was mainly driven by a price correction of Lipton yellow label in response to market conditions which increased the rate of sale.
She further discussed that the company would continue to prioritise its investment in building efficient process equipment as a means of meeting customers demand to achieve growth.
“The company has invested more than GH¢ 39 million in infrastructure plants such as biomass boiler, an oral offshore project, treatment plant, among others to deliver quality and efficient service to customers”, she added.
Focusing on corporate governance, the Managing Director said the company had put in place sound operational control systems to safeguard the interests of shareholders and stakeholders by adopting standard accounting practices to facilitate transparency in the disclosure of information.
“The company had a robust internal control system, which is well documented and regularly reviewed. The system incorporates internal control procedures designed to provide reasonable assurance that assets are safeguard”.
On the outlook for 2019, Mrs Amoah said the company would continue to build on the strong financial performance achieved and increase the operational intensity with customer focus for sustained growth.
Some of the stakeholders commended the company for the achievements and urged management to continue to institute effective governance management measures to ensure sound fiscal performance.