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.