Unilever Ghana records 26 percent growth in 2015 profits

Manufacturing company, Unilever Ghana Limited, has posted a 26% increase in revenue between 2014 and 2015.

Unilever Ghana’s revenue increased from GH¢ 410,450,000 in 2014 to GH¢518,731,000 in 2015.

The company’s operating profit margin for the period also increased 1 percent to 9.7 percent between 2014 and 2015.

Also, profit before tax increased from GH¢634,000 in 2014 to GH¢47,643 in 2015 while profit after tax increased from GH¢ 710,000 to GH¢35,710,000 for the same period.

The company attributed the marked growth to an improvement in its portfolio mix, a positive impact from cost savings as well as improved efficiencies.

Addressing the company’s Annual General Meeting, Managing Director of Unilever, Maidie Arkutu was optimistic of strong performance in 2016 and beyond.

 “With the return of the business to profitable growth in 2015 reporting, good results from revenue and profit after tax, we are confident our business has the right strategies and enablers to achieve its target for 2016,” she stated.

Unilever Ghana could not pay dividends to shareholders in 2013 and 2014, due to debilitating impact of the poor economic performance and the need to refocus the business and invest more aggressively in growth and profitability.

But its Board of Directors in 2015, proposed a dividend share of GH¢0.40 for shareholders following the performance by the company.

On strategies to check counterfeit products on the market, Maidie Arkutu indicated of her outfit’s close monitoring of the market to rid the system off unwholesome products,

“We have a team in charge of that and we work close to the relevant agencies that are in charge of that to manage that process and so over time that has reduced,” she stated.

Meanwhile she says the company’s strategy will enable it shore off competition particularly those with products outside Ghana,

“What we can say is that the nature of the competition has changed somewhat so we are seeing a lot more imported products from Asia but that is why we invest very strongly behind our brands and make sure that our brands  are the preferred brands by consumers than any other competitor products available on the markets,” Maidie Arkutu further noted.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana