Unilever post good results(20/4/09)

UNILEVER Ghana Limited, posted an impressive net profit of GH¢29.2m at the end of 2008 financial year notwithstanding the intense and unfair competition from the importation of fake products onto the local market.
The amount, which the company described as ‘healthy’ was Gh¢16.8 million more than the previous year’s figure.
The Chief Executive Officer (CEO) of the Unilever Company Limited, Mr Charles Coffie who announced this at the “Facts Behind the Figures” presentation at the Ghana Stock Exchange (GSE) last Friday, subsequently, declared a final dividend of GH¢0.1005 per share and recommended paying a final dividend payout of GH¢0.2128 per share.
He said “2008 was another successful year. We improved on our previous years achievements and delivered on our promise which we outlined in 2007 annual review, through the consolidation of our growth and improvement in profitability”.
He attributed the achievement to team work, strong support and cooperation from all their stakeholders including suppliers, service providers, customers among others.
Mr Coffie stated that the company’s performance was also against the background of significant increases in the input cost of palm oil and crude oil, particularly in the first half of 2008.
He noted that the company recorded significant increases in crude palm oil prices, which began to decline towards the end of the year.
“Our plantation performed very strongly, on the basis of the strong prices, improved volumes and initiatives to reduce cot and improve efficiencies,” he stated.
On the cash flow of the company, he said cash was generated from operations was GH¢23.6m at the end of the period, against GH¢16.6m for 2007, representing an increase of 42.4 per cent.
The CEO said uncertainties in the business environment and the market place had impacted on the operations of the company and their consumers and stated that “the risk and threats from unfair competition and counterfeiting are expected to heighten further”.
He said the company could explore and take the appropriate internal actions with the aim of pursuing the strategic objectives of improving the operations of the company and shareholder value.