The Management of Unilever Nigeria Plc has received unanimous approval to pay a dividend of N1.40 for the year ended December 31, 2011.

This approval was given by the shareholders at the company’s Annual General Meeting in Lagos on Thursday.

The shareholders commended the company on the move adding that it was also commendable that the management was able to record impressive results in the year under consideration.

The National Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said that it was prudent for the company to record significant growth despite various challenges in the business environment.

He advised the management of the company not to rest on its oars but to ensure that things were put in place to deliver better returns to investors in future.

The company’s financial results for the year ended December 31, 2011, showed that gross earnings rose by N7.9bn or17 per cent, from N46.807bn recorded in December 2010 to N54.724bn in the year under consideration.

The company’s profit after tax also shot up by 31 per cent or N1.31bn to close the year at N5.491bn, up from N4.180bn recorded a year earlier.

The Chairman of the company, Chief Nnameka Achebe, in his submission to shareholders said, “Our performance reinforced the company’s capacity to continue to win the hearts of its customers through brands which create a better future for them every day.”

“Our strong fundamentals attest to the success of our growth initiatives and our commitment to continue to invest into the future and deliver sustained shareholder value”.

Achebe who is also the Obi of Onitsha, explained that the results underscored Unilever’s ability to effectively compete in the market place and consolidate gains from the huge investments of previous years to build a strong future for the business.

He said, “In 2011, we further stepped up investments behind our brands spending significantly more on advertising and promotions. With consumers at the heart of our business, ,it became imperative to continue to make our products affordable and attractive while continually enhancing quality.

Source: Punch/Udeme Ekwere