UAC posts N3.9bn annual profit as revenue rises

UAC of Nigeria Plc has said its total profit for the year ended December 31, 2020 was N3.9bn, compared with the N9.3bn loss reported in 2019.

The company said its revenue rose by three per cent to N81.36bn despite COVID-19-related disruptions.

It said its underlying operating profit was 26 per cent lower at N3.6bn, largely on account of the paints segment.

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Its earnings per share was 92 kobo, up from negative 183 kobo in 2019, according to its annual results.

“Total dividend of 120 kobo per share (N3.5bn) comprised of an ordinary dividend of 65 kobo and a special dividend of 55 kobo per share. This translates to a dividend yield of 13.8 per cent,” it said in a statement.

UAC noted that it had completed partial exit from UACN Property Development Company Plc, adding that it received N6.6bn cash proceeds and 649,392,661 UPDC Real Estate Investment Trust units valued at N3.6bn.

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UPDC and UPDC REIT are now classified as investments in associates, according to the statement.

The company said it divested an eight per cent stake in MDS Logistics Limited to its joint venture partner, Imperial Logistics.

“This reduced UAC’s ownership from 51 per cent to 43 per cent. MDS Logistics is now classified as an investment in associate.”

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