UAC of Nigeria Plc has released its audited full-year financial report for the period ended December 31st, 2019. The report showed that the conglomerate made a N9.2 billion loss. See the key highlights below.
UACN’s Revenue: The group’s revenue for the period stood at N79.2 billion as against N70.4 billion during the comparable period in 2018. This is indicative of a 12.4% increase, year on year. The company’s cost of sales, however, increased by 9.3% to N62.5 billion, up from N57.2 billion in 2018.
Profit Before Tax: for the period under review, UACN’s profit before tax stood at N7.4 billion, thereby marking a 22.7% increase compared to N6 billion in 2018.
Similarly, the group’s profit after tax from continuing operations increased by 26.1% to N5.3 billion, up from N4.2 billion during the preceding financial year.
Loss for period: However, UAC of Nigeria Plc reported a loss of N9.2 billion during the period under review. Note that the group had also ran at a loss of N9.5 billion in FY 2018.
You may download the full report right here.
NOTE: This article has been updated in order to correct an error with the earlier version.
I think the caption and article are misleading. Although UAC made a profit from continuing operations of N5.3 billion this isn’t the full story. The company actually made a loss for the year of N9.2 billion with negative earnings of N1.83k per share and total shareholder equity loss of over N13 billion naira year on year.
I think the author should consider revising the article and offer one with a fair reflection of the report. I know good news act as click baits and attract readers. However, lots of readers just want reliable news and such misleading articles are a turn-off and could make the author and website lose credibility.
I hope you consider revising it.
Best wishes.
Thank you so much for pointing out the error, Femi. I appreciate.
The article has been corrected.
The initial report wasn’t intended to mislead; it was just a mistake.
Incidentally, bad news (NOT GOOD NEWS) is what encourages people to click more…
Thank you for clarifying and revising the article, Emmanuel. You have my respect.
Best regards.
Good evening. Could you please explain to a financial novice how come a company makes profit after tax and yet declares a loss? I really do not understandm