UAC reports N15bn profit in 1H of 2024

UAC Nigeria posted a profit before tax of N15 billion in the first half of 2024 financial year.

The amount showed a growth of 373 per cent year-on-year increase from the N3.16 billion posted in first half of 2023.  

According to the group’s financial statement for the period ended June 30, 2024, the group recorded a revenue of N83.3 billion, posting a 57.5 per cent YoY increase from the N52.9 billion posted in the same period of 2023.  

In the second quarter, the group posted a revenue of N42.7 billion, marking a 51 per cent  YoY growth from the N28.3 billion posted in Q2 2023. 

The result showed that most of the group’s revenue was generated from its edible oils and livestock feeds businesses, Livestock Feeds Plc and Grand Cereal Limited, which  amounted to N38.5 billion. 

UAC Foods accounted for N27.6 billion in revenue, while Chemical and Allied Paints (CAP) Plc recorded revenue worth N15.6 billion  

The unit that was more profitable among the  group  result was UAC Foods during the reviewed period  which reported a pre-tax profit of N4.1 billion, while CAP Plc posted a pre-tax profit of N2.67 billion.