UAC Plc published its 2023 half-year figures, showing pre-tax profits of N4 billion compared to a pre-tax loss of N966 million during the same period last year.
The result of the second quarter contributed to the first half of the year’s profits increasing to N3.1 billion.
The profitability was mostly due to an increase in finance income, which benefited UAC’s performance.
It claimed an exchange rate gain of N3.5 billion during the quarter, which aided in its financial success.
The corporate result would have changed to losses if the exchange rate gain had been taken into account.
Its QSR, animal feeds, and other edible companies all recorded operational losses in terms of segment reporting. However, the packaged pain business, packaged foods, and beverages businesses posted profits.
Key highlights Second Quarter 2023
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.
