UAC of Nigeria Reports N40.1bn Revenue in Q1 2024
Kayode Tokede
UAC of Nigeria Plc, has announced a noteworthy revenue of N40.1 billion in first quarter (Q1) ended March 31, 2024, a significant increase of 65 per cent from N24.62 billion reported in first quarter (Q1) ended March 31, 2023.
The company, with subsidiary and associate companies operating in the Animal Feeds and Other Edibles, Paints, Packaged Food and Beverages, Quick Service Restaurants, Real Estate, and Logistics sectors in 2023 full financial year reported N120.53 billion, a growth of 10.3 per cent from N109.27billion reported in 2022 financial year.
The company’s performance signals sustained growth from the 2023 fiscal year
The company declared gross profit of N9.1 billion Q1 2024, showcasing an exceptional 177.37 surge from N3.28 billion reported in Q1 2023 as gross margin expands to 22.4per cent
The key drivers of this performance are its Animal Feeds and Other Edibles, Paints, and Packaged Food & Beverages segments. These three business units grew 30 per cent, 114 per cent, and 125 per cent respectively.
billion in the quarter, marking a 230per cent increase over its Q1 2023 performance.
Commenting on the company’s Q1 2024 performance, the Group Managing Director of UAC of Nigeria, Folasope Aiyesimoju in a statement stated, “The results we have delivered in the first quarter of this year are a testament to the successful implementation of our strategy.
“The three key pillars of this strategy are: having excellent leaders for the various businesses in the group, running companies that own some of Nigeria’s strongest brands and widest distribution network, as well as increasing investment in processes and technology.
“Other strategic initiatives which contributed greatly to the company’s performance were steps taken to ensure production at the lowest possible cost to deliver value to consumers, efforts to optimise energy consumed per unit of production, and increased effectiveness in the distribution of goods and services. Looking ahead, we remain committed to investing in these drivers that position us for sustainable growth,” Folasope added.
