The shareholders of UAC of Nigeria Plc (UAC) have endorsed a dividend payment of N1.8 billion that was proposed by the company’s Board of Directors for the financial year ended December 31, 2018. This translates to a gross dividend of 64 kobo per ordinary share of 50 Kobo held by every shareholder of the company.
Recall that the company had announced in April that it intends to pay a final dividend of 64 kobo per 50k ordinary share for the period ended Monday, December 31, 2018. Speaking during the company’s recently held Annual General Meeting (AGM) in Lagos, the company’s Chairman, Mr. Dan Agbor, sought the shareholders’ approval for the dividend payout. He got the approval.
Meanwhile, 2018 was a tough year for the company. As Agbor explained, even though there was growth in its packaged foods, logistics, paints, and quick service restaurant businesses, its Animal Feeds and other Edibles businesses performed poorly due to intensified competition
He, however, disclosed plans to increase productivity in 2019. He stated that every member of the company has to be up on their toes in order to ensure that these plans are accomplished.
“We are encouraged by the initiatives implemented thus far but recognize that a significant amount of work lies ahead. It is important to mention that one of the key elements of the strategic plan of your management is for the Company to operate as a much simpler and leaner holding company, with the main focus being on the subsidiary companies.
“We are strengthening and empowering the management and Boards of subsidiary companies to drive value creation and increasing their accountability for delivering ambitious plans. Towards this end, we are carrying out a comprehensive review of our organizational structure to ensure increased autonomy and effectiveness of operating subsidiary companies.”
United Africa Company of Nigeria stock traded at N6.25 on the floor of the Nigerian Stock exchange (NSE).