N4.309 billion up for grabs as Unilever finalises dividend

Business a.m.

Unilever Nigeria Plc has announced a  total dividend payout of N4.309 billion to shareholders for the financial year ended December 2023. This comes on the back of the company’s board of directors exercising its authority under section 426 of the Companies and Allied Matters Act to recommend a dividend payment of 75 kobo per share.

The company, in a disclosure to the Nigerian Exchange Limited (NGX), specified that the dividend is subject to withholding tax and will be paid to shareholders whose names are on the company’s register of members as of Friday, April 26, 2024. The dividend payment will be ratified and approved at the company’s Annual General Meeting, which is scheduled for May 9, 2024 at the Grand Banquet Hall, Civic Centre, Victoria Island, Lagos.

Unilever clarified that the cash dividend will be paid electronically to shareholders (Qualifying Shareholders) who have completed the e-dividend registration process, as well as those who have authorised the registrar to directly deposit their dividends into their bank accounts. The statement further specified that the dividend payment will be made on May 10, 2024. Qualifying Shareholders will only need to ensure that they have completed all the required steps before this date in order to receive the dividend

The company also  provided clear guidance to shareholders who have not yet completed the e-dividend registration process. Shareholders are advised to visit the registrar’s website to download the E-Dividend Mandate Activation Form. Additionally, shareholders who have unclaimed dividends or share certificates that have not been presented for payment or validated are advised to complete the e-dividend registration process or contact the registrar for assistance

According to Unilever Nigeria’s audited financial statements for 2023, the company’s pre-tax profit increased by a remarkable 151 per cent year-on-year to N21.9 billion, compared to N8.7 billion in 2022. This impressive growth in pre-tax profit was driven by a 51.3 per cent increase in revenue to N103.9 billion, compared to N68.6 billion in the prior year.

Despite the strong growth in pre-tax profit, the company’s profit after tax was significantly impacted by the discontinuation of certain operations, which resulted in a loss of N8.0 billion. As a result, the company’s net profit for the year stood at N8.4 billion.