At the Annual General Meeting (AGM) Wednesday shareholders and Board of Directors of Unilever Ghana applauded the company’s strong growth trajectory of previous years as revenue grew by 18% in 2012.
Revenue for 2012 grew from GHC 239 million to GHC 282 million over the previous year despite the “highly competitive economic market”, the company’s 2012 Annual Report and Financial Statements indicated.
The company also grew in volume and sales in key brands, underscoring Unilever’s dominance in market shares in key categories in Ghana.
The company however saw a decline in operating profit which stood at GHC 24.5 million from the 2011 levels of GHC 29 million.
The decline was driven by cost pressures associated with the cedi devaluation and cost inflation in energy and raw materials, but these were partly recovered through price.
However, Chairman of the company’s Board of Directors, Mr. Ismael Yamson, intimated the recovery of cost pressures through pricing was done cautiously due to competition and fear of losing customers.
Managing Director of Unilever Ghana Limited, David Mureithi, indicated that Profit after tax from operating activities was GHC 16.1 million as against GHC 21.6 million for 2011, excluding profit on sale of investments in Benso Oil Palm Plantation (BOPP) and other income including dividends and service fees from the plantations.
During the year under review, Unilever also commissioned a Combined Heat and Power (CHP) Plant to mitigate the effects of the energy crisis and generate a cleaner electricity and stream in their operations.
Efforts to generate energy internally with the CHP Plant resulted in a 50% savings on energy for the company, Chairman of the Board of Directors revealed at the meeting.
In a related development, Mr. Akofa Ata, who was the Customer Development Director, has resigned from the Board to pursue an international assignment with Unilever South Africa. Also, Mr. David Mureihi has expressed his intention to leave the business by the end of April this year.