Shareholders Hail Unilever’s Revenue Growth, Approve N1.25 Dividend

• Unilever Nigeria Plc shareholders have held their Annual General Meeting, as the company recorded an impressive performance
• The consumer firm reported a net profit for the year ended December 31, 2024 increase to N15.1 billion
• Unilever produces a wide range of fast-moving consumer goods, including popular brands like Dove, Knorr

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Shareholders of Unilever Nigeria Plc have praised the company’s robust performance for the 2024 financial year.

At the company's 100th annual general meeting, shareholders approved the dividend at N1.25 per share, a 66% increase from the 75kobo declared in 2023.

The dividend, amounting to N7.18 billion, follows a strong financial year for the consumer goods giant, which posted a 44% rise in revenue to N149.5 billion, up from N103.9 billion in 2023.

Unilever's financial performance

A breakdown showed that Unilver's net profit for the year ended December 31, 2024, surged to N15.1 billion, marking a 79% increase compared to N8.4 billion recorded in the previous year.

At the AGM held in Lagos, shareholders praised the company’s leadership and reaffirmed their confidence in its ability to grow the business in the coming year.

Speaking on the performance, Bolaji Balogun, chairman of the board of directors, commended shareholders for their unwavering support, Vanguard reports.

He affirmed that the board and management are committed to driving the company’s strategic growth agenda and effectively addressing both current and emerging challenges, as they guide the organisation toward long-term success and greater achievements.

Balogun said:

“Our resolve as a business is to continue to take strategic decisions that will improve our operational efficiencies to meet the needs of Nigerians through our brands, our people and our operations."

Balogun noted that the board and management remain committed to driving the company’s strategic agenda while adapting to both ongoing and emerging market challenges.

Managing director Tobi Adeniyi attributed the company’s improved performance to its focus on operational efficiency, cost optimisation, and purposeful brand growth.

He said:

“We remain committed to continually building sustainable relationships with our partners across the value chain and growing our business to enhance our socioeconomic impact across the country."

The Nation reports that Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, also commented

His words:

“I am grateful and happy to attend the 100th Annual General Meeting of Unilever Nigeria PLC. The performance of the business has been very good and improving in the last three years.

"This is reflected in the increased dividends of N1.25kobo being paid to us the shareholders. Above all, I am proud and happy that the company listened to us and have now appointed a Nigerian as the Managing Director.”

Top essential consumer goods for every home

Earlier, Legit.ng spotlighted certain items Nigerian households should always include in their shopping basket when stocking up on groceries.

Essential items include detergents, dairy products, and instant noodles, among others.

A comprehensive list with full details has been provided.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng