Unilever declares N4.31bn dividend, chairman gets N15m approval for exotic vehicle

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Unilever

The board of directors of Unilever Nigeria Plc, one of Nigeria’s foremost quoted conglomerates with trading and manufacturing interest in the consumer goods market, has declared a dividend of about N4.13 billion for its shareholders for the financial year ended December 31, 2023.

Every shareholder of the company will get a dividend of 75Kobo per share for the review financial year.

Payment is expected to be made to shareholders that qualify on May 26, 2024.

This was part of the resolutions passed at the Annual General Meeting of the company held in Lagos, recently.

The shareholders of the company also ratified a remuneration for the directors as well as a vehicle entitlement of N15 million for the Chairman of the Board of Directors for the 2024 financial year.

“That in accordance with Article 74 of the Articles of Association of the Company, the remuneration of the non-Executive Directors in respect of the year ending 31st December 2024 and until further notice be and is hereby fixed at N79.2 million (Seventy-Nine Million and Two Hundred Thousand Naira Only) as Directors’ Fees. In addition, sitting allowances will be paid at standard agreed rates for each meeting attended and the Chairman will be entitled to a vehicle allowance of N15 million gross per annum,” Unilever announced in a statement released to the Nigerian Exchange Limited.

Other resolutions passed at the AGM include the authorization of the board to fix the remuneration and expenses of the Auditors for the year ending 31 December 2024.

“That, pursuant to rule 20.8 of the rulebook of the Nigerian Stock Exchange 2015: issuers Rule, a general mandate be and is hereby given authorizing the company during the 2024 financial year and up to the date of the next annual general meeting, to procure goods, services, and financing and enter into such incidental transactions necessary for its day-to-day operations from its related parties or interested persons on normal commercial terms consistent with the company’s transfer pricing policy. All transactions falling under this category which was earlier entered into in 2024 prior to the date of this meeting are hereby ratified,” the company disclosed.

The company recorded an impressive growth in revenue of N103.9bn in 2023, 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, 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.

In 2014, Unilever was listed among the top 20 most valuable companies quoted on the Nigerian Stock Exchange.

The company is a subsidiary of Unilever Overseas Holding B.V.