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Home Markets Equities Company Results

2023 Q2: UAC reports forex gains of N3.5 billion, contributes 87.5% of profits

Analysts Nairametrics by Analysts Nairametrics
July 29, 2023
in Company Results, Equities, Markets
Quick Take: Focus on UACN’s weak operating performance in Q1
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UAC Pls released its 2023 half-year earnings showing pre-tax profits of N4 billion versus a pre-tax loss of N966 million same period last year.

The second quarter’s performance helped boost profitability in the first half of the year to N3.1 billion.

Key highlights Second Quarter 2023

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  • Revenue N28.2 billion +15.9% YoY
  • Operating profit N665 million va -N257 million YoY
  • Net Finance Income N2.9 billion vs -N630 million yoY
  • Pre-tax profits N4 billion versus N966 million loss YoY
  • Earnings per share 83 kobo versus a loss of 46 kobo YoY
  • Gross Margin 18.9% vs 15.8% YoY
  • Opex as %age of Gross Profit 87.5% vs 106.5% YoY
  • Total debt N18 billion flat from the previous quarter.
  • Cash and cash equivalents N14.9 billion

Insights – UAC’s performance benefitted from a boost in finance income which essentially was the reason for the profitability.

  • During the quarter it reported an exchange rate gain of N3.5 billion which helped it turn a profit.
  • When adjusted for the exchange rate gain, the company result would have swung into losses.
  • In terms of segment reporting, its QSR, Animal feeds & Other edibles businesses reported and operating loss. However, the pain business, packaged foods, and beverages businesses posted profits.

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Analysts Nairametrics

Analysts Nairametrics

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Comments 1

  1. Okechukwu says:
    July 29, 2023 at 3:48 pm

    I am glad to be part of the progress made.

    Reply

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University Staff Union slams FG over delayed salaries, demands harmonised payment structure 

University Staff Union slams FG over delayed salaries, demands harmonised payment structure 

June 30, 2025
Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

CWG and CAVERTON lead gainers as All-Share Index dips slightly; OANDO prints N19.8 billion trading value 

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