Unilever Ghana records 1,086% growth in profit in 2023; profit driven by sales, judicious pricing

Unilever Ghana recorded an outstanding performance in 2023, recording year-on-year growth in profit of 1,086.7%.

According to its 2023 Unaudited Financial Statement, the Fast Moving Consumer Goods firm registered a significant growth in year-on-year profit to GH¢178.96 million in 2023, from GH¢15.08 million in 2022.

This is despite the economic challenges the country faced in 2023 which saw inflation averaging about 28%, whilst the cedi lost about 14.0% in value to the dollar.

As a result of the sterling performance, the earnings per share of the FMCG firm witnessed a significant growth to GH¢2.86 in 2023 from GH¢0.24 in 2022.

The firm said the improvement in its profit margin was driven by increased sales and judicious pricing to cover cost inflation net of cost savings.

The company delivered a 44% growth in revenue growth in 2023 compared to the same period prior year. Total revenue in 2023 stood at GH¢908.146 million, compared to GH¢631.47 million.

It pointed out that it will continue to invest in demand-generating and brand-building activities which contributed to revenue growth in the year.

We have reduced prices of some products in line with inflation – Unilever Ghana MD

The Managing Director of Unilever Ghana, George Owusu-Ansah, had earlier told Joy Business that the company has reduced prices of some major products on the market.

This, he explained, was in line with the recent reduction in inflation over the past few months.

We have reduced the prices of our washing soaps. Key soap, and toothpaste such as pepsodent and bathing soap, geisha”, he stated.