Business News of Tuesday, 9 April 2013
Source: Graphic Business
The net profit of fast moving consumer goods manufacturer, Unilever Ghana, declined by 47 per cent in 2012 on the back of a moderate growth in gross revenues. Its 2012 results released last week showed that profit after tax for the period was GH¢16.1 million, nearly half of the previous year’s close.
The company which is listed on the Ghana Stock Exchange registered a net profit of GH¢30.42 million in 2011. The results, however, showed that revenues rose by 18 per cent from the 2011 close of GH¢239 million to GH¢282.13 million in 2012, representing a growth rate of about 18 per cent over the period.
The value of the company’ shares on the Ghana Stock Exchange (GSE) also fell to some 26 pesewas per share from the 2011 figure of about 49 pesewas per share, according to the results released ahead of its annual general meeting later this month. Meanwhile, the Managing Director of the company, Mr David Mureithi, is to resign from the company.
It is not clear what informed his resignation but a circular from the Ghana Stock Exchange announcing his intentions to resign said the move was to enable him to pursue other interests. It would take effect from May 1 this year and his replacement would be announced later, the circular which was released in Accra and copied to all stock market stakeholders and the general public, said.
The announcement comes barely a month after the company’s head of Corporate Communications, Madam Bernice Natue, resigned to take up a similar position at Tullow Ghana Limited. Mr Mureithi, a Kenyan, replaced Mr Yaw Oduro Nsarkoh as the MD of Unilever West Africa in 2011 in a management change that saw the latter moving to head the group’s operations in Kenya at the time.
He has guided the company to continue on a strong path of growth until its latest results indicated a moderate rise in gross profits.
It is not immediately clear if the company would bring a foreigner to manage its operations in the country or a local would be appointed. The Ghana office, headquartered in the port city of Tema, hosts the company’s West African operations, excluding that of Nigeria GB