UAC of Nigeria Profit Up 109% to N25.8bn
Kayode Tokede
UAC of Nigeria Plc, has announced exceptional 2024 performance in its unaudited financial statements for 2024, as profit before tax stood at N25.8 billion, about 109 per cent increase over N12.34 billion reported in 2023 financial year.
The leading diversified holding company achieved revenue of N197.6 billion in the year under review, a robust 64 per cent rise from N120.53 billion declared in the previous year.
1The company’s performance indicates sustained growth from the previous year. Gross profit more than doubled, reaching N46.3 billion, up from N21.3 billion in 2023, with the gross margin expanding from 17.7per cent in 2023 to 23.4per cent in 2024.
This exceptional performance was achieved against a backdrop of challenging operating conditions including record high inflation impacting input and operating expenses.
The management of the company, in their earnings release, attributed the exceptional performance to volume and value growth across key operating segments, notably Packaged Food and Beverages, Feeds, and Paints. In addition, a strong people-focused strategy, strategic investments in technology was noted as key to the recent success.
Commenting on the results, Group Managing Director, UAC of Nigeria, Folasope Aiyesimoju, stated: “We delivered strong performance in 2024, and this outcome was on account of the hard work, skill and dedication of leaders across the Group and their teams.
“At UAC, people are at the heart of our strategy, and I thank my colleagues for the effort that went into generating these results. Meaningful improvements in growth and profitability were recorded across our core operating segments.
“Specific initiatives include aggressively pursuing new markets with products offering value to the consumer, a rigorous focus on pricing and margin and careful risk management regarding interest rates and foreign exchange.”
On the company’s financial strategy, Group Finance Director, UAC of Nigeria, Funke Ijaiya-Oladipo added: “Our disciplined approach to financial management was instrumental in delivering these results.
“We maintained a strong focus on cost optimization, working capital efficiency, and prudent risk management, which supported both top-line growth and profitability.
“As we look ahead to 2025, we remain committed to driving sustainable growth through operational excellence, strategic capital allocation, and continued focus on delivering value to our shareholders.”
This performance is further supported by the launch of the 1879 Tech Hub, named after UAC of Nigeria’s founding year. The initiative aims to drive digital innovation and reinforces the company’s commitment to leveraging technology for sustainable growth.
UAC of Nigeria remains focused on driving sustained growth and profitability, leveraging its strong financial position and strategic initiatives to create value for stakeholders.
