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2014 Q1: UPDC Post 18% Drop In Pre-tax Profits…and it Could Have Been Much Worse

Nairametrics by Nairametrics
May 2, 2014
in Blurb
2014 Q1: UPDC Post 18% Drop In Pre-tax Profits…and it Could Have Been Much Worse
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UPDC released its 2014 Q1 results showing a 3.7% drop in revenue to N2.6billion compared to N2.7billion a year before. Pre-tax profits for the period was N529million an 18% drop from N646million posted a year earlier. Key take outs of the results are as follows;

  • Gross profits are down a huge 76% this quarter. This may suggest a rising cost in hotel operations. A margin of 7.5% is small by any standards
  • Operating loss of N43million was a no brainer considering the drop in Gross profit
  • As usual income from flipping of properties (the ones not in stock) came in handy. The earned N1.1billion from that helping the company achieve a pre-tax profit of N529million
  • However, cash balance is very low at N38million, suggestive of a deal that is not backed by cash. No wonder trade receivables rose 41% to N7.3billion.

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Tags: Nigerian Company Results
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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