Victor EzejaThe UAC of Nigeria recorded ₦17 billion profit after tax in 2024, reflecting a 90.4 per cent surge from 2023.
This is as the operating profit doubled to ₦19 billion in 2024, compared to ₦9 billion in 2023.
Join our WhatsApp ChannelThe company posted ₦25.5 billion profit before tax for the year ended December 31, 2024. This represents a significant 107 per cent increase when compared to the previous year.
This was made known in a corporate filing made by the UAC of Nigeria at the Nigerian Exchange over the weekend.
According to the financial statement, the company’s revenue jumped by 63 per cent to ₦197 billion in 2024 when compared to the 2023 figure.
It further said UAC’s gross profit for 2024 rose by 117 per cent to ₦46 billion.
The company’s earnings per share rose 64 per cent to ₦4.97, further solidifying value for shareholders.
It said this outcome was supported by volume growth in packaged food and beverages, improved production efficiency, and strategic price adjustments to mitigate inflationary pressures.
“This growth was driven by strong sales in key segments, including edibles and feed 54 per cent, packaged food and beverages 102 per cent, and paints 52 per cent. UAC’s gross profit for 2024 surged by 117 per cent to ₦46 billion, with a gross margin improvement of 5.83 percentage points to 23.5 per cent,” the company stated.
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“This was supported by volume growth in packaged food and beverages, improved production efficiency, and strategic price adjustments to mitigate inflationary pressures. Operating profit doubled to ₦19 billion in 2024, compared to ₦9 billion in 2023. Excluding a one-off gain from property sales in 2023, the operating profit rose by 780 per cent, with underlying operating profit of ₦2.1 billion.”
The statement further indicated that UAC Nigeria also recorded a net finance income increase from ₦2.4 billion in 2023 to ₦5.9 billion in 2024. This, it explained, was driven by higher investment yields and gains in the treasury portfolio.
Commenting on the 2024 financial results, Group Managing Director, Fola Aiyesimoju, attributed the strong performance to hard work and dedication of the teams across the group.
“Meaningful improvements in growth and profitability were recorded across our core operating segments. We aggressively pursued new markets, introduced new products, and focused on cost control, pricing, and risk management,” Aiyesimoju stated.
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“We remain focused on creating shareholder value and prioritising profitable growth, scale, and simplicity as we move into 2025,” he added.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
