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Business News of Tuesday, 28 July 2020

Source: Unilever, Contributor

Unilever Ghana records 47 percent drop in revenue for 2019

Results from the 2019 Annual reports for December has showed Unilever Ghana has recorded a revenue drop of 47 percent from GH¢632 million in 2018 to GH¢333 million in 2019.

According to the company’s financial statement on its earnings, the current results reflect difficult trading conditions in 2019 as well as a decision by management to slow down on sales in order to reset the levels of stock in trade.

“The results reflect difficult trading conditions in 2019 as well as a decision by management to slow down on sales in order to reset the levels of stock in trade. Operating loss for the period was GH¢205 million compared with GH¢253 million profit in 2018. Loss after tax was GH¢160 million in 2019 vs profit of GH¢191 million in 2018,” the statement explained.

The results however revealed, Unilever envisaged no dividend was expected to be recommended or paid to shareholders of the company.

Meanwhile, dividend pay-out for the year 2018 was pegged at 0.80 per share amounting to a total of GH¢50,000,000.

Following the raging effect of the coronavirus pandemic outbreak on global supply chains, Chairman of Unilever Ghana, Mr Edward Effah, on his part said the outbreak of the pandemic poses a greater risk to the global economy and conditions have heightened uncertainty in the global financial markets, causing a sharp downturn to global stock prices.

“These unfolding developments have further worsened pre-existing weaknesses in the global growth and caused major disruptions to global supply chains, with adverse implications for the global economy,” he concluded.

Read the full statement below

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