- UAC of Nigeria Grows Revenue to N79bn in 2019
UAC of Nigeria Plc grew revenue to N79.202 billion in the financial year ended December 31, 2019.
In the audited financial results published on the Nigerian Stock Exchange (NSE), the company’s cost of sales rose from N57.230 billion in 2018 to N62.575 billion in 2019. Gross profit increased from N13.242 billion in the corresponding year of 2018 to N16.626 billion in 2019.
Accordingly, operating profit grew from N3.920 billion in 2018 to N5.666 billion in 2019. While the company generated N2.781 billion as finance income in 2019 compared to N2.765 billion in 2018, finance cost, however, rose from N610.661 million in 2018 to N991.174 million in 2019 to drag down the net finance income from N2.155 billion in 2018 to N1.789 billion.
Profit before tax increased to N7.456 billion in the year under review, up from N6.075 billion in 2018.
Profit after tax for the period ‘from continuing operations’ stood at N5.345 billion from N4.237 billion in 2018.
However, loss after tax for the period from ‘discontinued operations’ grew from N13.767 billion in 2018 to N14.601 billion in 2019.
Discontinued operations are separated from continuing operations to allow company’s investors see clearly what money is inflowing from current operations and those which have ceased.