UAC Nigeria Reports 109% Profit Growth in 2024, Driven by Strategic Market Initiatives
UAC Nigeria PLC, a diversified holding company, reported impressive financial results for the year 2024, showing a significant 109% increase in profit. According to unaudited financial statements submitted to the Nigerian Exchange (NGX), the company posted a revenue of N198 billion, marking a 64% growth compared to the previous year. The profit for the year amounted to N25.8 billion, reflecting a robust upward trajectory in the company’s performance.
The company’s gross profit more than doubled, reaching N46.3 billion, up from N21.3 billion in 2023. This sharp increase led to an improved gross margin of 23.4%, a notable rise from the previous 17.7%. These results demonstrate UAC Nigeria’s successful strategy in enhancing both top-line revenue and bottom-line profitability over the past year.
UAC Nigeria’s Group Managing Director, Folasope Aiyesimoju, attributed the strong performance to the dedication and teamwork across the company. Aiyesimoju emphasized that people remained at the core of UAC’s strategy and that initiatives focused on expanding new markets, improving pricing strategies, and managing risks related to interest rates and foreign exchange contributed significantly to the growth.
The company’s financial management strategy also played a key role in driving this success. Funke Ijaiya-Oladipo, Group Finance Director, highlighted UAC’s disciplined approach to cost optimization, working capital efficiency, and prudent risk management. These strategies were integral to supporting both revenue growth and profit expansion in the face of challenging market conditions.
Looking ahead, UAC Nigeria is committed to sustaining its growth through operational excellence and strategic capital allocation. The company also launched the 1879 Tech Hub, an initiative to drive digital innovation and further enhance the company’s technological capabilities, reinforcing UAC’s focus on leveraging technology for long-term success. The company’s shareholders approved a N644 million dividend for the financial year 2023, underscoring the strong financial health and profitability achieved in 2024.
Source: TRIBUNE