BUSINESS REPORT: UAC OF NIGERIA HOLDS ITS ANNUAL GENERAL MEETING

BUSINESS REPORT: UAC OF NIGERIA HOLDS ITS ANNUAL GENERAL MEETING

The Shareholders of UAC of Nigeria Plc, (UAC), held its Annual General Meeting, (AGM), in Lagos, thereafter  approved the company’s payment of dividend valued at N2.56 billion or N1.60 per ordinary share of fifty kobo each. Additionally, the shareholders at the meeting , approved a bonus of 1 for every 5 ordinary shares.

UAC of Nigeria Plc recorded a 49 percent rise in operational profit to N11.5 billion for the financial year 2012 as Profit Before Taxation rose to N10.7 billion, from N6.96 billion in 2011. Profit After Taxation stood at N7.1 billion. In his remarks the Chairman, UAC of Nigeria Plc, Udoma U. Udoma, said at the annual general meeting that: “In spite of the constraints of the business environment in 2012, our company continued to sustain its performance driven by our resolve and capacity to manage the dynamics in our operating environment. This notwithstanding, our company recorded a commendable top-line growth of 17 percent from N59.6 billion in 2011 to N69.6 billion in 2012 resulting largely from the volume growth achieved in Grand Cereals, UAC Foods Limited and UACN Property Development Company Plc, (UPDC).”