Unilever Ghana says effective and efficient cost-cutting measures helped the company to overcome the difficult business environment to achieve its 2015 target to deliver profitability and growth.

It said its strategy of innovations and market development had resulted in the impressive good financial results for 2015.

Addressing the company’s shareholders at an annual general meeting in Accra, Ms. Maidie E. Arkutu, the Managing Director of Unilever, said the company’s revenue grew to ¢518.7 million in 2015, representing a 26 percent growth over 2014.

The good performance, she said, was on the back of a strong growth in its home and personal care products, particularly oral care and skin cleansing.

“The operating profit margin improved from one percent in 2014 to 9.7 percent in 2015. The underlying drivers for this achievement were the improvement in our portfolio mix, positive impact from our cost savings activities and improved efficiencies,” she said.

The company’s strong top-line growth and improved margins, she said, resulted in improvement in operating profit from ¢4.1 million in 2014 to ¢50.4 million in 2015.

“Profit after tax was great at ¢ 35.7 million compared to negative figure of ¢0.7 million recorded in 2014,” he said.

Shareholders approved a dividend of ¢0.40 per share proposed at the meeting.

The company’s food and beverage category grew by 8.9 percent over 2014. Lipton Tea sustained its strong market leadership by driving its revitalisation benefit among its consumers whilst taking advantage of the seasonal trend and consumption habits such as the Ramadan.

Trade promotions and market development activities as part of the Grow FM platform continues to educate children on the importance of spreading Blue Band on their bread, for daily growth and daily nutrition.

Ms. Arkutu said the company strategy of investing in effective and efficient manufacturing equipment continued in 2015 with the business investing ¢ 20.3 million against ¢13.5 million recorded in 2015.

“Some of the investment covered the new Effluent Treatment Plant (ETP) as part of the Unilever Sustainable Living Plan and an upgrade of the soap factory into continuous flow production to meet demand and improve quality,” she said.

Mr. Ishmael E. Yamson, the Board Chairman of Unilever Ghana, said the company’s performance was commendable considering the difficult economic environment.