Outlook of Unilever Ghana bright despite economic challenges – Board Chairman

The outlook for Unilever Ghana PLC this year looks bright in spite of the difficult macroeconomic challenges, the Chairman of the Board of Directors, Mr Edward Effah, has stated.

He said the 2022 performance gave him the confidence that the company was building back better and on the path of growth and profitability.

The Chairman of the Board of Directors of Unilever Ghana PLC, Mr Edward Effah, disclosed this at the 2022 annual general meeting of Unilever Ghana, saying the management and board of directors would continue to work hard to improve profitability and growth to generate better returns to shareholders.

The Chairman of the Board of Director observed that 2022 was a challenging year for the company in view of the huge jump inflation from 12 per cent to 54 per cent by the end of the year, the highest in two decades, and the depreciation of the Cedi.

Mr Effah said the Unilever Group sustained its profitability performance in 2022 in spite of the difficult economic challenges, shattering businesses in the country and across the world.

The company returned a profit of more than 15 million in 2022, after recording a profit of GH₵0.4 million in 2021.

He said the group saw a 20 per cent jump in revenue to GH₵632 million in 2022, from GH₵530 million in 2021.

“The growth is mainly driven by price increases and improved innovations,” the Chairman of the Board of Directors stated.

He said shareholders’ funds increased to GH₵52.9 million in 2022, from GH₵36.8 million in 2021, representing a 44 per cent increase.

Mr Effah indicated that total assets of the group soared to GH₵411.8 million in 2021, from GH₵382.5 million in 2021.

He said in view of the difficult macroeconomic conditions, the company could not declare dividend.

“Unilever Ghana will not be able to pay dividend this year so as to raise capital for the company.  The profit realised in 2022 will be re-invested to build the capital of the company,” Mr Effah stated.

The Finance Director of Unilever Ghana PLC, Priyadharshana Ekanayake, in his remarks, said the company had sustained the recovery it made in 2021.

He said the focus of management in 2023 and ensuing years was to build on the brand to generate demand for the products of the company.

Mr Ekanayake further stressed that the company would focus on innovation and distribution to bring the products to nook and cranny of the country to drive profitability of the company.

The Personal Care Director, Mrs Nana Yaa Owusu-Ansah, said the company would continue to develop new products to meet the changing taste and needs of consumers.

She said it was in that direction that the company introduced the charcoal and herbal variant for Pepsodent and the Geisha black soap.

As part of the 2022 AGM, retiring directors, Mr Edward Effah, Mr Michael Otchere Duah and Mr Philip Sowah, were re-elected as directors of the company.


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