UAC Nigeria reports N25.8bn pre-tax profit for 2024

• Published On: 06 February 2025 at 20:15

UAC of Nigeria PLC has announced a full-year pre-tax profit of N25.8 billion for 2024, up 109.30% from N12.3 billion in the previous year.

The company also reported strong fourth-quarter earnings, with pre-tax profit increasing 77.86% to N4.8 billion from N2.7 billion in the same period the previous year. Fourth-quarter revenue increased 65.20% to N64.4 billion, contributing to full-year revenue of N197.6 billion, up 63.96% from N120.5 billion in 2023.

The Edibles & Feed division was the primary driver of the company's revenue growth, accounting for N100.8 billion (50.95% of total revenue). The Packaged Food & Beverages segment generated N57.6 billion (29.14%), while the Paints division produced N36.3 billion (18.38%).

Furthermore, Quick Service Restaurants and other businesses contributed N2.5 billion and N221 million, respectively.

Despite a 52.52% increase in sales costs, UAC's gross profit doubled to N46.2 billion, up from N21.3 billion the previous year. However, other operating income decreased by 70.09%, from N8.8 billion to N2.6 billion.

Finance income increased by 117.48% to N12.9 billion, driven primarily by N9.3 billion in exchange gains and N3.5 billion in interest income from loans, bonds, and short-term deposits. However, finance costs nearly doubled, reaching N6.8 billion (+93.49%).