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Home Business News

UACN of Nigeria Plc records 10.49% increase in 2020 Q3 revenues

Adeyemi Adebayo by Adeyemi Adebayo
November 6, 2020
in Business News
UACN, UAC Nigeria’s Dividend Payment Might Not Be Worth The Struggle

Folasope Aiyesimoju, GMD of UACN.

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United Africa Company of Nigeria Plc (UACN) – a diversified company, has recorded a 10.49% increase in its Q3 2020 revenues. The company recorded revenues of N21.16 billion in Q3 2020 compared to the N19.15 billion recorded in the same period in 2019.

Key highlights for 2020 Q3

  • Revenues increased to N21.16 billion, +10.49% YoY.
  • Revenues from animal feed and other edibles increased to N13.59 billion, +10.00% YoY.
  • Revenues from paints increased to N2.96 billion, +18.02% YoY.
  • Revenues from packaged food and beverage increased to N4.61 billion, +7.85% YoY.
  • Revenues from quick-service restaurants increased to N436 million, +15.65% YoY.
  • Other operating income declined to N120 million, -24.53% YoY.
  • Net finance income declined to N205 million, -42.09% YoY.
  • Operating expenses increased to N3.33 billion, +7.38% YoY.
  • Pre-tax profits declined to N1.44 billion, -24.69% YoY.
  • Earnings Per Share increased to 15 Kobo, +105.47% YoY.

Bottom Line

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UACN of Nigeria Plc recorded a boost in its four revenue-generating units, as total revenues increased. However, profits of UACN of Nigeria Plc declined in the period under consideration.

The results indicate that the decline was partly aided by declined income – other operating, net finance, and non-recurrent income, as well as rising expenses, compared to the same period last year.


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Tags: UACN of Nigeria Plc
Adeyemi Adebayo

Adeyemi Adebayo

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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