Ghana: Unilever Records Ghs 191 Million Profit in 2018

In spite of the difficult economic challenges in 2018, Unilever Ghana Limited quadrupled its profit due to increase in sales.

Profits after tax rose to GHC191 million from GHC48 million in 2017, representing an improvement by 296 per cent.

The operating profits before tax of GHC250 million included a GHC89 million profit on disposal of spreads business and reversal of management and technical services fees provision.

Overall revenue growth for the year stood at 10 per cent from GHC575 million in 2017 to GHC632 million.

A total of GHC50 million is to be paid out as dividend to the more than 10,000 shareholders of the company.

This translates into a dividend pay-out of GHC0.80 per share.

Board Chairman, Edward Effah, at the 45th annual general meeting of the company in Accra said that, revenue was expected to dip in 2019 in the absence of spreads business adding that the company was focused on improving sales as way of compensation for the fall.

Gladys Amoah, Managing Director, Unilever Ghana Limited, stated that more than GHC39 million was reinvested in 2018 in the areas of biomass boiler, heating, oral onshore project, Ghana tea bag sachet onshoring project, among others to improve the company operational efficiency.

Within the period, she said the company extended its coverage to more than 64,000 customers through its key distributors and accounts.

Additionally, she said also enhanced sales through the tricycle salesman project which helped to tap previously unexploited markets across the country and also resulted in the employment of 110 persons, she indicated.

As part of improving the health and hygiene needs of Ghanaians, she stated that Unilever implemented its sustainable living plan project which donated about 11,000 clothes to about 7,000 beneficiaries in the Greater Accra region.

However, Madam Amoah noted that revenue collections recorded a deficit of GHC65.5 million in 2018 compared with GHC53.18 million in 2017 due to the challenging economic environment during the period.

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