UNILEVER NIGERIA PLC Table of Contents
- Unilever Purpose and Values
- Our Brands
- Unilever Corporate Profile
- Board of Directors, Officers and other Corporate Information
- Results at a glance
- Notice of Annual General Meeting
- Chairman's Statement
- Managing Director's Report
- Board Profile
- Unilever Nigeria Plc Leadership Team
- Report of the Directors
- Sustainability Report
- Statement of Directors' Responsibilities for the year ended 31 December 2023
- Report of the Audit Committee to the members of Unilever Nigeria Plc
- Corporate Responsibility For Financial Reports for year ended 31 December 2023
- Management's report on the Effectiveness of Internal Control over Financial Reporting of 31 December 2023
- Certification of Management's Assessment of Internal Control Over Financial Reporting
- Independent Auditors' Report
Financial statements:
- Statement of Profit or Loss and other comprehensive income
- Statement of Financial Position
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to the Financial Statements
Other national disclosures:
- Value Added Statement
- Five Year Financial Summary
Shareholders' Information
- Unilever Share Capital History
- Range Analysis as at December 31, 2023
- Circular to Shareholders seeking a general mandate authorizing transactions with related parties of value Up to and more than 5% of Unilever Nigeria Plc. Net Tangible assets
- E-DividendMandate Activation form
- Photo Gallery
- Product Range
- Proxy Form
1
Our Values
2
Our Brands
3
Unilever Corporate Profile
Unilever Nigeria Plc. - Purpose-Led,Future-fit
Unilever Nigeria Plc. was established in 1923 as a soap manufacturing company - West Africa Soap Company- by Lord Leverhulme. It later became known as Lever Brothers Nigeria Plc. Unilever Nigeria Plc, is today the longest serving manufacturing organization in Nigeria and celebrated its centenary anniversary in 2023.
After a series of mergers and acquisitions, the Company diversified into manufacturing and marketing of foods, home care, beauty and personal care products. These mergers and acquisitions resulted in the absorption of Lipton Nigeria Limited in 1985, Cheesebrough Industries Limited in 1988 and Unilever Nigeria Limited in 1996. The Company changed its name to Unilever Nigeria Plc. in 2001 in line with the global strategic direction of the business.
The Company was quoted on the Nigerian Stock Exchange in 1973 and is a truly multi-local, multinational organization with international and local brands in her portfolio. The international brands include Close-Up, Pepsodent, and Rexona in the Beauty & Well-being and Personal Care Business group of the business, Knorr in the Foods Business group and other Regional and local jewels include Annarpurna and Royco. The Company provides sources of income to millions of Nigerians who are shareholders, distributors, suppliers, service providers, employees, and other stakeholders.
Unilever Nigeria Plc. is a member of the Unilever Group, one of the world's leading consumer goods companies. One in three people around the world use Unilever brands every day. With this reach comes responsibility and opportunity. That's why we've made it our purpose to make 'Sustainable living commonplace'. To help people live well within the limits of the planet. This isn't just something we say - it steers our decisions and shapes our actions, at every level of the organization.
Unilever's focus on purpose goes back to our history and it remains integral to our future. Accordingly, we want all our brands to drive purpose, take a stand, and act on the big social and environmental issues facing the world.
To truly make sustainable living commonplace, we are focused on taking strides that enable us to be fit for the future. We seek to anticipate the significant changes which are shaping our industry, drive increased digitization, lower cost, speed and agility while using our scale and influence to create positive change well beyond Unilever. We are actively driving for competitive, consistent, profitable and sustainable growth with quality products that are good for both people and the planet and within the reach of Nigerian mainstream consumers. We will continue to attract the very best people into a diverse, inclusive, exciting, agile and flexible working culture.
Unilever Nigeria's confidence in Nigeria remains tenacious and we are committed to continued investments, capability development and innovation with brands that are tailored to delight and satisfy the Nigerian mainstream consumers' needs and preferences.
4
Board of Directors, Officers,
and Other Corporate Information
Directors
Name | Position | Appointment | Resignation | |
His Majesty Nnaemeka A. Achebe, | ||||
CFR, mni, Obi of Onitsha | Chairman | March 2003 | 31st Dec. 2023 | |
Mr. Carl Cruz | Managing Director | February 2020 | 5th May 2023 | |
Mr. Tim Kleinebenne | Managing Director | May 2023 | ||
Mrs. Abidemi Ademola | Executive Director | March 2023 | 31st May 2023 | |
Mr. Jaime Aguilera | Non-Executive Director | January 2021 | 17th Jan. 2024 | |
Mr. Ben Langat | Non-Executive Director | Janaury 2024 | ||
Mrs. Abiola Alabi | Non-Executive Director | December 2015 | ||
Madam Ammuna Lawan Ali, OON | Independent Non-Executive Director | December 2015 | ||
Mr. Michael Ikpoki | Interim Chairman/Independent | February 2021/ | ||
Non-Executive Director | appointed In- | |||
terim Chairman | ||||
w.e.f January | ||||
2024 | ||||
Mr. Chika Nwobi | Non-Executive Director | January 2019 | ||
Mrs. Folake Ogundipe | Executive Director | April 2022 | ||
Mr. Obinna Emenyonu | Executive Director | January 2024 | ||
Mr. Mutiu Sunmonu, CON | Independent Non-Executive Director | December 2015 | ||
Senior Counsel and Company Secretary | Registrar and Transfer Office | |
Mrs. Afolasade Olowe | Greenwich Registrars and Data Solutions Ltd. | |
Registered Office | 274, Murtala Muhammed Way | |
Alagomeji, Yaba, Lagos | ||
1 Billings Way | Tel: +234 01 279 3161- 2 & +234 01 813 1925 | |
Oregun | info@gtlregistrars.com | |
Ikeja, Lagos | ||
Tel: +234 1 279 3000 & +234 803 906 6000 | Bankers | |
Email: Consumercare.nigeria@unilever.com | ||
Website: www.unilevernigeria.com | Access Bank | Guaranty Trust Bank |
Company Registration Number | Citi Bank | Rand Merchant Bank |
Coronation Bank | Stanbic IBTC Bank | |
RC 113 | Globus Bank | Standard Chartered Bank |
Tax Identification Number (TIN) | First Bank | Sterling Bank |
First City Monument Bank | United Bank for Africa | |
01056346-0001 | Ecobank Nigeria | Zenith Bank |
Independent Auditors
KPMG Professional Services
KPMG Towers
Bishop Aboyade Cole Street
Victoria Island
Lagos.
5
Results at a glance
2023 | 2022 | ||
N'000 | N'000 | ||
Revenue | 103,879,730 | 68,637,363 | |
Operating profit | 20,259,990 | 8,449,729 | |
Profit before taxation | 21,891,792 | 8,723,339 | |
Taxation | (5,477,382) | (3,344,820) | |
Profit from continuing operations | 16,414,410 | 5,378,519 | |
Loss from discontinued operation (net of tax) | (7,974,515) | (911,434) | |
Profit for the year | 8,439,895 | 4,467,084 | |
Total Equity | 74,509,103 | 67,564,716 | |
Capital expenditure | 2,245,874 | 1,559,536 | |
Depreciation of property, plant and equipment | 2,809,131 | 2,420,298 | |
Cash and cash equivalents | 56,698,640 | 66,317,782 | |
Earnings per share (Naira) | 1.47 | 0.78 | |
Net Assets per share (Naira) | 12.97 | 11.76 | |
NSE share price at 31 December | 14.80 | 11.60 | |
Ratio % Revenue | |||
Operating costs | -15% | -26% | |
Operating profit | 20% | 12% | |
Profit from continuing operations | 16% | 8% |
6
Results at a glance (continued)
Key Performance Indicators trend
(i) Profit after tax
PAT (N'B)
10.6
3.4 4.5 8.4
-7.4-4.0
2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
(ii) Cash and cash equivalents
Cash (N'B)
57.1 | 66.3 | |
55.7 | 56.7 | |
35.5 | 37.1 |
2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
(iii) Earnings per share and dividend per share
EPS & DPS
1.50
1.47 | |||||||||||||||
0.50 | |||||||||||||||
1.84 | |||||||||||||||
0.00 | 0.00 | 0.78 | 0.75 | ||||||||||||
0.25 | |||||||||||||||
0.12 | |||||||||||||||
-0.69 | |||||||||||||||
-1.29 | |||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
7
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Ninety-nineth (99th) Annual General Meeting of Unilever Nigeria Plc. will be held at the Grand Banquet Hall, Civic Centre, Victoria Island, Lagos on Thursday 9 May 2024 at 10.00am for the following pur- poses:
Ordinary business:
- To lay before the Members, the Report of the Directors, the Audited Financial Statements for the year ended 31 December 2023 together with the Reports of the Audit Committee and the Independent Auditors thereon.
- To declare a Dividend
- To elect and re-elect Directors, to wit:
- To elect Mr. Ben Langat and Mr. Obinna Emenyonu, being directors appointed since the last Annual
General Meeting - To re-elect the following Directors retiring by rotation:
- Mr. Mutiu Sunmonu
- Mr. Michael Ikpoki
- Mrs. Abiola Alabi
- To elect Mr. Ben Langat and Mr. Obinna Emenyonu, being directors appointed since the last Annual
- To disclose the remuneration of Managers of Unilever Nigeria Plc.
- To authorize the Directors to fix the remuneration of the Independent Auditors
- To elect members of the Audit Committee.
Special business: By Ordinary Resolution
-
To consider and if thought fit, to pass the following as ordinary resolution:
"That the remuneration of the Non-Executive Directors of Unilever Nigeria Plc for the year ending December 31, 2024 be and is hereby fixed at N79.2 million (Seventy-Nine Million and Two Hundred Thousand Naira) only as Directors Fees. In addition, sitting allowances will be paid at standard agreed rates for each meeting attended and the Chairman will be entitled to a vehicle allowance of N15 million gross per annum". - To consider and if thought fit, pass the following resolution as an ordinary resolution of the Company:
"That, pursuant to Rule 20.8 of the Rulebook of the Nigerian Exchange 2015: Issuers Rule, a general mandate be and is hereby given authorizing the Company during the 2024 financial year and up to the date of the next Annual General Meeting, to procure goods, services, and financing and enter into such incidental transactions necessary for its day-to-day operations from its related parties or interested persons on normal commercial terms consistent with the Company's Transfer Pricing Policy. All transactions falling under this category which were earlier entered into in 2024 prior to the date of this meeting are hereby ratified."
No Voting by Interested Persons:
In line with the provisions of Rule 20.8(c) Rules Governing Related Party Transactions of Nigerian Exchange Limited, interested persons have undertaken to ensure that their proxies, representatives, or associates shall abstain from voting on resolution 8 above.
NOTES:
Proxy
A member of the Company entitled to attend, and vote is entitled to appoint a proxy instead of him/her. A proxy need not also be a member. For a Proxy to be valid for the purpose of the meeting, the proxy form must be completed, executed and deposited at the office of the Registrars, Greenwich Registrars and Data Solutions Ltd. 274, Murtala Muhammed Way, Alagomeji, Yaba, Lagos P. M.B. 12717, Lagos or via E-mail:proxy@gtlregistrars.com not later than forty-eight (48) hours before the time of the meeting. NOTE: All instruments of proxy shall be at the Company's expense.
8
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Disclaimer
Unilever Nigeria plc published this content on 11 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2024 03:51:01 UTC.
