SHAREHOLDERS of Unilever Nigeria Plc have approved the payment of a cash dividend of 10 kobo per ordinary share, for the financial year ended December 31, 2014.
Speaking at the Annual General Meeting yesterday, General Secretary, Independent Shareholders Association of Nigeria, ISAN, Adebayo Adeleke said Unilever’s 2014 performance was commendable in view of the challenging economic environment in which the company operated during the financial year.
According to him, turnover dipped by seven per cent from N60 billion in 2103 to N55.75 billion in 2014. Interest expense, otherwise known as finance charges, however rose by 65 per cent from N1.16 billion to N1.91 billion. This further constrained the profitability of the conglomerate as pre-tax profit dropped by 58 per cent from N6.79 billion to N2.87 billion. After a 78 per cent reduction in tax provisions, net profit after tax shed by 49 per cent to N2.41 billion in 2014 as against N4.72 billion recorded in 2013.
“These are not the best of times for the Nigerian economy but despite all the challenges, Unilever has performed commendably. The Board and Management of the company should still be commended for this result at least, the company were able to give shareholders 10 kobo dividend. We do hope the company will perform very well in the coming financial year,” he stated.
President Progressive shareholders Association of Nigeria, PSAN Boniface Okezie Unilever Nigeria’s pre and post tax profits shed by 21 per cent each, a situation that simultaneously cut basic earnings per share by four kobo from 20 kobo in first quarter 2014 to 16 kobo in first quarter 2015.
Key extracts of the unaudited report showed that sales rose to N14.91 billion in first quarter 2015 as against N13.83 billion recorded in comparable period of 2014. Financial charges jumped by 114 per cent from N381.6 million in first quarter 2014 to N817.91 million in first quarter 2015. With this, profit before tax dropped from N1.09

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