UACN Property Development Company Plc: Decrease in sale of property stock, others depletes revenue

UACN Property Development Company Plc recorded decreased revenues from its four revenue-generating units, as total revenues dipped. The company reported revenues of N458.26million in 2020 (9months) – 75.81% decrease compared to N1.90billion in the corresponding period of 2019. 

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What you should know 

Key highlights from its 2020 (9months) results are:

• Revenues decreased by 75.81% from N1.90billion to N458.26million YoY. 
• Revenues from sale of property stock decreased to N137.51million, -89.69% YoY. 
• Revenues from share of James Pinnock sale of property stock decreased to N45.39million, -82.75% YoY.
• Revenues from rental and management fee on rent decreased to N78.11 million, –25.71% YoY. 
• Revenues from project and management surcharge decreased to N192.25 million, –0.26% YoY. 
• Gross profit decreased to N107.94 million, -71.61% YoY. 
• Operating loss decreased to N378.72 million, -1.85% YoY. 
• Finance cost decreased to N1.30 billion, -41.03% YoY. 
• Pre-tax loss increased to N2.46 billion, +34.65% YoY.
• Post-tax loss decreased to N3.38 billion, -76.96% YoY. 
• Earnings Per Share decreased to N29 kobo, -94.90% YoY. 
• Total assets decreased to N26.93 billion, -14.53% YoY. 
• Total liabilities decreased to N12.56 billion, -55.33% YoY. 
• Total equity increased to N14.38 billion, +322.37% YoY. 

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Bottomline 

UACN Property Development Company Plc recorded decreased revenues from its four revenue-generating units, as total revenues dipped.

Companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19. UACN Property Development Company Plc was unable to increase its total revenues and pre-tax profits in the period under consideration.