Unilever Ghana records GH¢44.2m profit in 2011

Unilever Ghana Limited (UGL) says it  remains focused on investing in innovative brands and to increase availability of the company’s products as a two-pronged strategy to protect margins and strengthen business profitability.

Mr David Mureithi, Managing Director of UGL, who made this known at the company’s Annual General Meeting held in Accra on Wednesday, said  if the company was to remain relevant in the increasingly intense and competitive market for consumers’ disposable income, such a strategy was crucial.

He described the 2011 financial year as a very good year for the company’s business adding it was the best year over the past five years.

“The company’s operating profit for the period rose to GH¢44.2 million from GH¢23.9 million in 2010, an increase of more than 85 per cent. The company’s turnover growth was GH¢241 million, representing a 33 per cent increase compared to the GH¢181 million for 2010.”

Mr Mureithi later told journalists that management was hopeful the interventions set in motion by the Central Bank and Ministry of Finance and Economic Planning would be helpful in addressing the depreciating value of the cedi.

He conceded the situation was a great concern to management since it had increased the cost of raw materials and production.

The Board approved of an annual dividend of GH¢0.48 per share, which represents a 67 per cent increase over the 2010 levels.

Source: GNA