Unilever Assures Shareholders of Commitment to Corporate Governance

Unilever Nigeria Plc yesterday assured shareholders of its commitment to corporate governance practices to drive sustainability and efficiency across its operations.

The Chairman of the Board, His Royal Majesty, Nnaemeka Achebe, stated this while addressing shareholders at the 96th annual general meeting (AGM) in Lagos, yesterday.

He commended the shareholders for their trust and loyalty to the company despite the challenges posed by the COVID-19 pandemic in the year under review. Unilever ended 2020 with a revenue of N61.9 billion, up from N60.78 billion in 2019, while loss after tax was reduced to N7.4 billion to N4.0 billion in 2020. Achebe said the company would remain strategic in its approach to attaining sustainable growth and profitability.

According to the chairman, the N62 billion in 2020 was driven by 7.3 per cent growth in its food products, which was slightly offset by a three per cent revenue drop in the home and personal care segments.

He explained that even though 2020 was a year of significant disruptions and volatilities impacting the operating environment, Unilever Nigeria continues to build its resilience to navigate the impact of headwinds.

Achebe added that the company remains focused on its strategy to deliver sustainable growth both in the medium and long-term riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories.

“We continue to monitor the business environment and respond appropriately to volatilities in the operating environment as well as disruptions from the Covid-19 pandemic,” he said.

Before the AGM, the Corporate Affairs and Sustainable Business Director, Unilever Nigeria Plc Mrs. ‘Soromidayo George, had said that although 2020 was a year of significant disruptions and volatilities impacting the operating environment, the company continued to build its resilience to navigate the impact of headwinds.

According to her, the company remains focused on its strategy to deliver sustainable growth both in the medium and long-term riding on the pillars of operational efficiency, cost optimisation, purposeful brands and increasing market share across key categories.

Meanwhile, trading at the stock market remained bearish as the Nigerian Exchange Limited (NGX) All-Share Index (ASI) declined by 0.81 per cent to close at 39,114.73, just as the market capitalisation shed N167.1 billion to close at N20.5 trillion.