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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.
