In line with its resolve to enhance profitability, the Board and Management of Unilever Nigeria Plc. has assured the shareholders of their commitment to good corporate governance that would in turn drive sustainability and efficiency across every aspect of the company’s operations.
This was even as the firm declared a turnover of N60.5 billion for the financial year ended December 2019. The company, in compliance with the federal and tate government directives on social distancing had decided to hold its 95th Annual General Meeting (AGM) by proxy in a bid to avoid unnecessary physical contact among attendees as part of measures to reduce the spread of the coronavirus.
Speaking at the meeting with its shareholders, the Chairman of the Board, Igwe Nnaemeka Achebe, commended the shareholders for their trust and loyalty to the company. He noted that despite the challenging business environment, which has now been complicated by the Covid-19 pandemic, the management at Unilever Nigeria would remain strategic in their approach to sustaining the company’s operations to revert to profitable and sustainable growth.
Speaking on the company’s financial results, he said that the N60.5 billion revenue in the year under review represents a decline compared to N92.89 billion recorded in the year which ended in December 2018 while adding that profit after tax (PAT) showed a decline at N7.42 billion for 2019, compared to N10.55 billion recorded for the year ended December 2018.
“These results reflect challenging operating conditions but also the company’s decision to tighten credit terms to address exposure from trade receivables and excess stock in trade to better position the company for innovation and a return to competitive growth.