Unilever Ghana posts 296% rise in profits for 2018

Shareholders of Unilever Ghana are getting dividends of GH¢0.80 per share after the company posted profits of GH¢191 million for the year 2018.

The figure represents a 296% increase from the 2017 profits of GH¢ 48 million.

Speaking at the Unilever Ghana’s 45th Annual General Meeting on Friday in Accra, The Board Chairman of the company Edward Effah attributed the performance to an increase in volumes sold.

He said ” Unilever Ghana Ltd results for the year ended 31 December 2018 shows revenue growth of 10% from GH¢ 575m. In 2017 to GH¢ 632m in 2018 mostly due to an increase in volumes sold. Operating profit before tax of GH¢ 250m, representing a 283% increase over 2017’s GH¢ 65m. Profit after tax therefore improved by 296% to GH¢ 191m compared to GH¢ 48m in 2017.”

Mr Effah further added, ” The Board of Directors hereby proposes a dividend payout of GH¢0.80 per share from the 2018 profits amounting to a total of GH¢ 50,000,000.”

Meanwhile, a statement by the Managing Director Unilever Ghana Gladys Asamoah explained that the recovery 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.

The statement also noted the company had embarked on Investment of more than GH¢39 million in areas of Biomass Boiler, heating and Oral onshore projects to improve the efficiency of the company.