Unilever Approves N7.18bn Dividend, Highest In Company History
Unilever Nigeria Plc will pay its shareholders N7.18bn as dividend for 2024, the highest it has ever paid.
This was disclosed in a regulatory filing obtained by THE WHISTLER.
The amount is 66.9 per cent higher than the N4.3bn dividend which was declared by the Board of Directors of the company for 2023.
In 2022, Unilever declared N1.44bn after posting a turnover of N88.5bn in the year against N70.5bn reported in 2021.
Profit in 2022 was N4.4bn as against N0.7bn recorded in 2021.
In 2019, the company’s board agreed not to declare dividend while in 2020 during the Covid-19 pandemic, the company ran into loss.
Fast track to 2024, Unilever declared impressive growth across its operations.
In 2024, the company which is known for its products like Omo, Sunlight, Vaseline, Lux soap and Royco cubes grew its revenue from N103.9bn in 2023 to N149.5bn by year end
Unilever also grew its profit after tax from N8.4bn in full year 2023 to N15.1bn in 2024, representing 79.7 per cent growth year-on-year.
The profit may have driven the increase in dividend to N7.1bn for 2024 compared to the previous year.
The board of directors of the company agreed “That a dividend of N7,181,256,771 that is N1.25 kobo per share subject to the deduction of appropriate withholding taxes and other statutory deductions for the year ended 31st December 2024 out of the amount standing to the credit of the statement of comprehensive income be paid to members on the register of members at the close of business on Monday 12th may 2025.”
Another monetary decision reached at the meeting was the disclosure of the remuneration of the non-executive directors of Unilever for the year ending December 31, 2025.
THE WHISTLER understands that the remuneration of NEDs be fixed at N120m only as directors fees.
Meanwhile, sitting allowances will be paid at standard agreed rates for each meeting attended.
Unilever Approves N7.18bn Dividend, Highest In Company History is first published on The Whistler Newspaper
