Unilever Group posts strong growth in profit

 The Unilever Group posted strong financial perfor­mance in 2023, recording 834 per cent growth in profit in spite of the difficult economic challenges, Chairman of the Board of Directors of Unilever, Mr Ed­ward Effah, has stated.

He said profit of the Group increased to GH₵141 million from GH₵15 million in 2022.

In light of the strong profit growth, the Board of Directors proposed a dividend of GH₵0.40 per share, amounting to GH₵25 million.

 Speaking at the 50th annual general meeting of Unilever Ghana PLC in Accra yesterday on the theme “Unlocking our Growth Po­tential”, Mr Effah said the revenue for the Group in 2023 grew by 44 per cent to GH₵908 million from GH₵632 per cent in 2022.

The Chairman of the Board of Directors said the strong financial performance in 2023 was driven by price increases, improved innova­tions, and increased investments in the equity of the brands of the company.

He said the decision of the Uni­lever PLC, the mother company of Unilever Ghana PLC, to write off GH₵75 million royalties due them for the period from 2019 to 2021 helped to improve the financial per­formance of Unilever Ghana PLC.

Mr Effah said without the debt write off by the parent company, Unilever Ghana PLC would have made a profit of GH₵66 million, which was an improvement of the GH₵15 million made in 2022.

He said the depreciation of the cedi, high utility and labour cost, and cheap imports from other coun­tries remained a challenge to the company.

The Managing Director of Uni­lever Ghana PLC, Chris Wulff-Cae­sar, said personal care category recorded strong growth of 45.3 per cent, with beauty and wellbe­ing category delivering a sterling performance to close the year with sales growth of 110 per cent.

He said homecare catego­ry achieved an underlying sales growth of 30.7 per cent growth, adding, “The category continued with its strong focus on driving volume recovery and enhancing profitability.”

Mr Wulff-Caesar said the nutrition business group recorded a 90 per cent growth in sales on the back of improved supplies.

“In 2024, the focus will be on profitable volume recovery for all sub-categories and portfolio expan­sion. The focus in 2024 will be to expand the portfolio and improve the brands’ footprint in the delivery of nutrition to Ghanaians,” he stated.

 BY KINGSLEY ASARE

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