Unilever Pakistan Foods Limited Announces Strong Financial Performance for 2023

Karachi, Unilever Pakistan Foods Limited (UPFL) reported significant growth in its financial performance for the year ended December 31, 2023. In a meeting held on March 4, 2024, the company’s Board of Directors approved the audited financial results, showcasing a broad-based growth of 22.2%, primarily attributed to pricing strategies. The Earnings per Share (EPS) also saw an increase of 22.5% compared to the previous year, driven by both growth and higher interest income.

The detailed financial statements reveal that the company’s sales rose to Rs. 34,586,732 thousand in 2023, up from Rs. 28,309,317 thousand in 2022. The gross profit followed suit, reaching Rs. 14,808,837 thousand, compared to Rs. 11,949,476 thousand the previous year. This increase in profitability is after accounting for costs of sales, distribution, administration, and other expenses. Additionally, the operating profit improved significantly, standing at Rs. 10,472,561 thousand, up from Rs. 8,506,272 thousand.

In light of these positive financial results, the Directors have proposed a final cash dividend of Rs. 178 per ordinary share, adding to the interim dividend of Rs. 251 already distributed during the year. The final dividend will be payable to shareholders on record as of April 11, 2024. The company also announced the closure of its Share Transfer Books from April 12, 2024, to April 16, 2024, with the books set to reopen on April 17, 2024.

The Annual General Meeting (AGM) has been scheduled for April 16, 2024, in Karachi. The future outlook provided by the company highlighted the expected challenges in Pakistan’s economic and operating environment, including high inflation levels and pressure on foreign exchange reserves. Despite these challenges, UPFL’s management remains committed to driving value for stakeholders and maintaining a strong connection with consumers through innovative and value-for-money offerings.