UAC of Nigeria PLC has announced a full-year pre-tax profit of N25.8 billion for 2024, representing a 109.30% increase from N12.3 billion recorded in the previous year.
The company also posted strong fourth-quarter earnings, with pre-tax profit rising 77.86% to N4.8 billion, up from N2.7 billion in the same period last year. Fourth-quarter revenue surged 65.20% to N64.4 billion, contributing to a full-year revenue of N197.6 billion, a 63.96% increase from N120.5 billion in 2023.
The company’s revenue growth was primarily driven by its Edibles & Feed division, which contributed N100.8 billion (50.95% of total revenue). The Packaged Food & Beverages segment accounted for N57.6 billion (29.14%), while the Paints division generated N36.3 billion (18.38%).
Additionally, Quick Service Restaurants and other businesses contributed N2.5 billion and N221 million, respectively.
Despite a 52.52% increase in the cost of sales, UAC’s gross profit doubled, reaching N46.2 billion from N21.3 billion last year. However, other operating income declined by 70.09%, falling from N8.8 billion to N2.6 billion.
Finance income rose 117.48% to N12.9 billion, driven largely by exchange gains of N9.3 billion and interest income from loans, bonds, and short-term deposits totaling N3.5 billion. However, finance costs nearly doubled to N6.8 billion (+93.49%).
