UAC of Nigeria declares N9.2bn loss in 2019

UAC of Nigeria Plc has released its audited full-year financial report for the period ended December 31st, 2019. The report showed that the conglomerate made N9.2 billion loss.

The group’s revenue for the period stood at N79.2 billion as against N70.4 billion during the comparable period in 2018. This is indicative of a 12.4 per cent increase.

The company’s cost of sales, however, increased by 9.3per cent to N62.5 billion, up from N57.2 billion in 2018.

For the period under review, UACN’s profit before tax stood at N7.4 billion, thereby marking a 22.7 per cent increase compared to N6 billion in 2018.

Similarly, the group’s profit after tax from continuing operations increased by 26.1per cent to N5.3 billion, up from N4.2 billion during the preceding financial year.

However, UAC of Nigeria Plc reported a loss of N9.2 billion during the period under review. Note that the group had also run at a loss of N9.5 billion in FY 2018.

The company in a circular to the Nigerian Stock Exchange and other stakeholders had announced the emergence of three major shareholders with more than five per cent stake in the company.

The three major shareholders were Themis Capital Management (8.08 per cent), Stanbic IBTC Nominees Limited (7.27 per cent), Blakeney GP 111 Ltd (7.55 per cent).

Nigeria’s oldest conglomerate has gone through some major restructuring in recent times following investments by core investors and other major shareholders. In September 2019, UACN announced the outright dissolution of its interest and restructuring of UAC Property Development Company (UPDC) with the transfer of its interest directly to the shareholders.

Over the years, UACN has transformed from a very large conglomerate with footprints in different sectors of the economy to a leaner organization with interest in Manufacturing, Food & Beverage, Logistics, Agro-allied Industry, among others.