Unilever Nigeria Plc and its shareholders have approved the dividend of 75 kobo per share, an increase from the 25 kobo declared in 2022.

A statement by Unilever said during the Company’s 99th Annual General Meeting, which was held in Lagos on Monday, it declared a dividend of N4,308,753,750 for the year ended December 2023.

The declaration follows an impressive growth in revenue of N103.9bn, representing a 51.3 per cent increase compared to N68.6b recorded in 2022. The shareholders appreciated this growth and reaffirmed their belief in the company’s leadership to grow the business in the coming year.

The financial statement of the Company said profit after tax for the year under review grew to N16.4bn from N5.4b in 2022.

Speaking at the AGM, the Acting Chairman of the Board of Directors at Unilever Nigeria Plc, Mr Michael Ikpoki, expressed appreciation to all shareholders for their support throughout the year despite the challenging environment in the last year.

He promised that the Board and Management would continue to put in their best in fostering growth and navigating the tides as the Company steers toward more success.

“Our resolve as a business is to continue to make strategic decisions that will improve our operational efficiencies to meet citizens’ needs through our brands, our people, and our operations,” he said.

On the improved performance of the business, the Managing Director of Unilever Nigeria Plc, Mr Tim Kleinebenne, said, “The achievement in the year under review is reflective of a collaborative effort from all key stakeholders and improved operational performance and greater investment in our brands, supply, and distributions, to ensure we meet the needs of consumers across channels.

“We are pleased with the results for 2023. It speaks to the impact of the strategic choices we make daily about our operations to better serve the consumers with our best locally produced brands that contribute to improving their health and hygiene.

Kleinebenne added that Unilever had reached its 100-year milestone in Nigeria in 2023, becoming the longest-serving manufacturing company in Nigeria.

“We believe in Nigeria and reaffirm our long-term view of the opportunities that outweigh the challenges. With our resilience, agility, partnership, and commitment of the government on the ongoing reforms through strategic choices, policy formulation, and implementation, gradually a better Nigeria will emerge,” Kleinebenne said.