African Business

Unilever Ghana bounces back with GH¢141m profit

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Unilever Ghana Plc has recorded a notable resurgence in profitability, reporting a profit of GH¢141 million for the fiscal year ending 2023, a remarkable upturn from the GH¢15 million recorded in 2022.

The company attributes this resurgence to strategic initiatives, including price adjustments and enhanced innovations.

As a result, Unilever Plc has proposed a dividend payment of 40 pesewas per share to its shareholders.

Despite this, the parent group of the company had to write off approximately GH¢75 million for the Ghanaian subsidiary, without which the total earnings would be impacted.

The group results for the year ended December 31, 2023, show revenue growth of 44% from GH¢632 million in 2022 to GH¢908 million in 2023.

The Group exited the year with a positive cash and cash equivalents position of GH¢109 million cash compared with the deficit of GH¢59 million in 2022.

“Ghana’s profits for the year were GH¢141 million, an improvement over the previous year’s profit of GH¢15 million,” said Chris Wulff-Caesar, Managing Director of Unilever Ghana Plc, at the company’s 50th Annual General Meeting in Accra.

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