UAC of Nigeria Plc has announced N46.5billion revenue in its unaudited result and accounts for half year ended June 30, 2021, about 27 per cent increase compared to N36.6billion reported in prior period under review.
According to the company, the increase in revenue was driven by sales growth across all business segments.
From the company’s profit & loss figures, gross profit 19per cent higher than H1 2020 at N8.3 billion from N6.99billion in H1 2020.
UAC of Nigeria’s operating profit was 105 per cent higher at N1.7 billion in H1 2021 as it was supported by revenue growth.
The bottom-line, Profit after tax from continuing operations was N765 million in H1 2021, up by 258per cent from N214 million in H1 2020.
Earnings per share from continuing operations was 5 kobo, an improvement from 7 kobo loss per share in H1 2020.
In H1 2020, UAC recorded N944 million profit from discontinued operations which impacts year on year comparison.
Commenting on the results, Group Managing Director, Fola Aiyesimoju, in a statement stated that: “We are gaining traction in our focus on growth. Higher sales across all our operating platforms translated to 27per cent revenue growth year on year. Price increases and operational efficiency offset input cost escalation resulting in 105per cent increase in operating profit.
“Profit before tax is 25per cent higher year on year. Net income was negatively impacted by losses from UPDC PLC and MDS Logistics Limited and we are working with our partners to restore these companies to profitability.”
– Thisday