Unilever shareholders approve N5.29b cash payout

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The shareholders of Unilever on Thursday approved N5.29 billion dividend declared by the company for the financial year ended Dec. 31, 2011, at their general meeting in Lagos.

Each shareholder will be paid a dividend of N1.40 per share.

Unilever in 2011 recorded a turnover of N54.72 billion against N46.81 billion made in 2010.

Its profit after tax was N5.49 billion compared to the N4.18 billion declared in 2010.

Mr Thabo Mabe, the managing director, said that the dividend profile of the company was imperative in view of the depressed capital market.

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According to him, high returns on investment for shareholders are better than compounding investors’ woes through bonus.

Mr Nnaemeka Achebe, Chairman of the company, said the company’s success was based on its ability to compete effectively in the market and consolidate on the gains from huge investments of previous years.

Mr Timothy Adeshiyon, a shareholder, said that the company had not paid bonus to the shareholders since 2006.

He said that since the company still had reserves, it should be used part of it to pay bonus to the shareholders for 2011. (NAN)

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