UAC of Nigeria PLC is a holding company with five (5) subsidiaries with interests organised around four (4) principal sectors as follows: Animal Feeds and other Edibles, Paints, Packaged Food and Beverages, and Quick Service Restaurants. The Company also has interests in a leading logistics company as well as a real estate development company
Total profit for the period was ₦8.9 billion in FY 2023 impacted by tax expense of ₦3.4 billion, compared to Loss after tax of ₦4 billion in 2022. Earnings per share was 314 kobo in FY 2023 compared to 107 Kobo loss per share recorded in FY 2022.
Financial Results for the year ended 31 December 2023
Highlights
- ₦121bn revenue, 10% higher than 2022
- ₦21.3bn gross profit, 50% higher vs 2022
- Profit before tax of ₦12.3bn.
- Earnings per share of 314 kobo (2022: -107 kobo).
- ₦25.3bn cash and cash equivalents, 56% higher than ₦16.2bn in 2022
Gross profit in 2023 increased by 50% YoY to ₦21.3 billion and gross profit margin expanded by 466 bps to 17.7%. Margin
Operating Profit was ₦9.1 billion in 2023 (2022: operating loss of ₦2.4 billion). The improvement in profitability is
Operating profit margin expanded 973bps to 7.5%. Operating expenses as a percentage of sales increased 94bps YoY to 16.8%. Operating expense of ₦20bn was 16.9% higher compared to 2022
The Group recorded Net finance income of ₦2.4 billion in 2023 compared to net finance cost of ₦2.1 billion recorded in 2022.
Earnings per share was 314 kobo in FY 2023 compared to 107 Kobo loss per share recorded in FY 2022.
DIVIDEND
The Directors have recommended the payment of an ordinary dividend of 22 Kobo (2022: 22 Kobo) per ordinary share to members. The resolution to this effect will be put to the meeting, for the approval of members.
