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Business News Sat, 1 Jun 2019

Unilever Ghana records 297 percent growth in profit

Unilever Ghana Limited recorded a profit after tax of GH¢191 million in 2018, which represents more than 297 percent growth over the GH¢48 million recorded in 2017.

In line with the performance, the board of the company recommended paying a dividend of GH¢0.80 per share from the 2018 profits, amounting to a total of GH¢50,000,000, which shareholders approved.

The company in the year under review saw a revenue growth of GH¢632 million, representing a 10 percent increase of GH¢575 million in 2017.

Mr. Edward Effah, the Board Chairman of Unilever Ghana Limited, announced this on Friday at the company’s Annual General Meeting in Accra.

Mrs. Gladys Amoah, the Managing Director, Unilever Ghana said the company would continue to prioritise its investment in building efficient process equipment as a means of meeting customers demand to achieve growth.

“The company has invested more than GH¢39 million in infrastructure plants such as biomass boiler, an oral offshore project, treatment plant, among others to deliver quality and efficient service to customers”, she added.

Focusing on corporate governance, the Managing Director said the company had put in place sound operational control systems to safeguard the interests of shareholders and stakeholders by adopting standard accounting practices to facilitate transparency in the disclosure of information.

“The company has a robust internal control system, which is well documented and regularly reviewed. The system incorporates internal control procedures designed to provide reasonable assurance that assets are safeguarded”.

On the outlook for 2019, Mrs. Amoah said the company would continue to build on the strong financial performance achieved and increase the operational intensity with customer focus for sustained growth.

Some of the stakeholders commended the company for the achievements and urged management to continue to institute effective governance management measures to ensure sound fiscal performance.

Source: citibusinessnews.com