UACN property development Company Plc has posted its financial statements for the full year ended December 31, 2017. Turnover plummeted from ₦4.99 billion recorded in 2016 to ₦3.98 billion in 2017.
The loss before tax stood at ₦3.05 billion as against ₦1.23 billion recorded in 2016.
Recall that during its 18th annual general meeting held in Lagos last year, Chairman of UACN Property Development Company (UPDC) Plc, Larry Ettah, gave several reasons why the company has continued to experience losses among them are cumbersome and time-consuming processes for land acquisition, insecure land title and infrastructure deficiency and affordability for buyers.
According to him, these challenges were reasons for the dismal performance of the company in 2016. The board has also announced its decision to sell its investment in UPDC Hotels UHL.