Connect with us
nairametrics

Companies

UAC Restaurant’s Mr Biggs post 63% drop in profits, Gala also disappoints

Published

on

UACN released its 2014 results showing a 9% increase in PAT for the group. The company follwed up that release with a breakdown of the results of its major subsidiaries. The release shows the food division is currently under pressure characterized by a drop in margins and profitability.

UAC Restaurants Limited (QSR)

  • Profit Before Tax of N108 million down 63% (N292 million December 2013)
  • Turnover down 20%
  •  Ikeja factory upgrade completed
  • Insecurity impacting operations
  • Operational reviews on-going
  • UAC Restaurants Limited, a joint venture with Famous Brands Limited, manages the network of Quick Service Restaurants across Nigeria under the market leading Mr Biggs’ brand.

UAC Foods Limited (foods, ice-cream, fruit drinks and spring water)

  • Profit Before Tax of N1.46 billion, down 24% (N1.935 billion December 2013)
  • Turnover flat
  • New products –Kingsway Beef Roll, Gala Chicken Sausage, Gala Tinkies receiving support
  • Launch of new, trendy packaging for Supreme Ice cream
  • Factory upgrade in Snacks category
  • UAC Foods Limited, a joint venture business with Tiger Brands Limited, offers the award winning Gala Sausage Roll, Funtime Coconut Chips, Supreme Ice Cream, Delite Fruit Juice, Swan Bottled Spring Water and drinks.

Grand Cereals Limited (animal feed, cereal meal and edible oil)

  • Profit Before Tax of N2.9 billion, up 7% (N2.7 billion December 2013)
  • Operational highlights
  • Turnover up 4%
  • Vital fish feed now the market leader
  • Insurgency affecting agricultural activities and prices of oilseeds and grains
  • Insecurity impacted volumes
  • Grand Cereals Limited manufactures and markets Grand Soya Oil, Vital Poultry/Fish Feeds and Grand Maize Meals.

GTBank 728 x 90

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.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Companies

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020. 

Published

on

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.

This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.

The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year.

READ MORE: SEC reinstates DEAP Capital’s Board

The key highlights of the recent notification include:

GTBank 728 x 90
  • Annual General Meeting Date: 21st December 2020
  • AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria
  • Proposed Distribution: ₦10/unit
  • Qualification Date: 9th December 2020
  • Closure of Register Date: 10th December 2020
  • Payment Date: 23rd December 2020

READ: Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices

What you should know

  • The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE.
  • The Value Fund for the year ended June 30, 2020 achieved a growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.

Explore Data on the Nairametrics Research Website

Deal book 300 x 250
Coronation ads

Continue Reading

Companies

PZ Cusson announces retirement of Chairman, Kola Jamodu

PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

Published

on

Kola Jamodu

The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.

According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.

What you should know

Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.

GTBank 728 x 90

He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.

He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.

Deal book 300 x 250
Coronation ads
Continue Reading

Companies

Naira devaluation, FX scarcity caused increase in cost of goods – Nigerian Breweries

Nigerian Breweries has revealed that Naira devaluation, FX scarcity caused increase in the cost of its goods in 2020.

Published

on

Jordi Borrut Bel, Nigerian Breweries Plc

The Finance Director of Nigerian Breweries Plc, Rob Kleinjan, has revealed that the increase in the brewer’s costs of goods was due to the devaluation in naira and FX scarcity, which led to the increase in the cost of inputs such as sorghum and sugar, as they are not fully produced locally.

This disclosure was made during the Nigerian Breweries’ Fact Behind Figures results presentation today.

However, Kleinjan explained that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity, which exerts pressure on imported input materials.

He said the increase in Nigerian Breweries’ costs of goods sold, as reported in its unaudited financial results, could also be linked to the volume of goods sold, as the company’s sales volume in Q3 increased by almost the same percentage as the cost of goods sold.

However, Mr. Kleinijan reiterated that to mitigate further losses, it was important for the company to focus on the supply chain and seek ways to mitigate price increases.

GTBank 728 x 90

What they are saying

The Managing Director of Nigerian Breweries, Mr. Jordi Borrut, while speaking at the virtual event said:

In 2020, the results of Nigerian Breweries were adversely impacted by COVID, VAT increase, FX devaluation and scarcity of foreign exchange. The year started with a promising 1st quarter, which was heavily impacted in Q2. The Nigerian market, however, rebounded in Q3.”

Deal book 300 x 250
Coronation ads

Mr. Rob Kleinjan, while explaining the factors behind the increase in Nigerian Breweries’ cost of goods sold in the first nine months of 2020, said:

It is also clear that the increase in cost is due to the devaluation and the FX scarcity which has put pressure on our input cost. If you look into the main elements we use, which are sorghum and sugar – they are not fully produced locally, so when the currency is devalued, the prices of these inputs will soar.

That’s why it’s important that we are focused on the supply chain, and seek for ways we can mitigate any of the price increases, because the increase in cost comes from the input prices, which come from FX scarcity.”

Continue Reading