UAC of Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).
- Revenue for the period was N22.02 billion. (+12.7% YoY)
- Operating expenses totalled N2.98 billion. (-6.1% YoY)
- Profit for the period was N669 million. (-64.1% YoY)
- EBIT margin of 5.2% (+60bps)
- Earnings per share from continuing operations of 12 kobo Vs 27 kobo YoY
Commenting on the result, the Group Managing Director of the company, Fola Aiyesimoju said: “Growth across our operating platforms translated to 13% revenue growth. Operational improvement initiatives resulted in a 6% reduction in operating expenses which supported marginal operating profit growth in spite of a 5% decline in gross profit. Raw material cost escalation remains a key concern and as such we are carefully assessing pricing. Our Paints business suffered production disruptions which impacted performance and our interest income declined materially in light of the low interest rate environment. These together with losses from our associates UPDC and MDS resulted in a 42% decline in profit from continuing operations. Performance in Q1 2020, being the comparative quarter last year, benefited from N717 million in exceptional income from discontinued operations relating to net gains from the divestment of a stake in MDS which impacts quarter on quarter comparisons.”
For more information about the result, click HERE.
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