UACN Property Development Company Plc recorded decreased revenues from its four revenue-generating units, as total revenues dipped. The company reported revenues of N458.26million in 2020 (9months) – 75.81% decrease compared to N1.90billion in the corresponding period of 2019. 

What you should know 

Key highlights from its 2020 (9months) results are:

• Revenues decreased by 75.81% from N1.90billion to N458.26million YoY. 
• Revenues from sale of property stock decreased to N137.51million, -89.69% YoY. 
• Revenues from share of James Pinnock sale of property stock decreased to N45.39million, -82.75% YoY.
• Revenues from rental and management fee on rent decreased to N78.11 million, –25.71% YoY. 
• Revenues from project and management surcharge decreased to N192.25 million, –0.26% YoY. 
• Gross profit decreased to N107.94 million, -71.61% YoY. 
• Operating loss decreased to N378.72 million, -1.85% YoY. 
• Finance cost decreased to N1.30 billion, -41.03% YoY. 
• Pre-tax loss increased to N2.46 billion, +34.65% YoY.
• Post-tax loss decreased to N3.38 billion, -76.96% YoY. 
• Earnings Per Share decreased to N29 kobo, -94.90% YoY. 
• Total assets decreased to N26.93 billion, -14.53% YoY. 
• Total liabilities decreased to N12.56 billion, -55.33% YoY. 
• Total equity increased to N14.38 billion, +322.37% YoY. 

Bottomline 

UACN Property Development Company Plc recorded decreased revenues from its four revenue-generating units, as total revenues dipped.

Companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19. UACN Property Development Company Plc was unable to increase its total revenues and pre-tax profits in the period under consideration.

Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.

What you should know

Key highlights from 2020 (9months) results

• Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
• Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
• Other income increased to N12.81 million, +27.43% YoY.
• No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
• Gross profit increased to N8.96 billion, +74.56% YoY.
• Operating profit increased to N3.64 billion +18.60% YoY.
• Pre-tax profits increased to N3.47 billion, +16.63% YoY.
• Post-tax profits increased to N2.29 billion, +13.27% YoY.
• Earnings Per Share increased to 115 kobo, +12.75% YoY
• Total assets increased to N44.36 billion, +45.79% YoY.
• Total liabilities increased to N32.04 billion, +67.21% YoY.
• Total equity increased to N12.32 billion, +9.35% YoY.

(READ MORE:Dangote’s NASCON Allied Industries Plc moves operation from Apapa)

Bottomline

Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.

Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.

Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.

The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”

Starting today, for people in the U.S. we will temporarily remove the “Recent” tab from hashtag pages. We’re doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.

— Instagram Comms (@InstagramComms) October 29, 2020

What you should know

Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.

Instagram has also taken the following measures to ensure a successful November election.

• The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
• Serving as a means of information and tool to people in the US on the electoral process
• The ban of any content that can thwart the success of the election.

(READ MORE:U.S dollar stable amid U.S holiday)

Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.

“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”

Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”

Why this matters

The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.