Pre-tax profit for UAC Nigeria in the first half of 2024 was N15 billion, up 373% year over year from N3.16 billion in the same period in 2023.
The firm reported N83.3 billion in sales for the half-year, increasing 57.5% YoY from N52.9 billion in H1 2023, according to its financial statement for the period ending June 30, 2024.
The firm reported sales of N42.7 billion for the second quarter of 2023, a 51% YoY increase over the N28.3 billion reported in the same period the previous year.
During this period, most of the group’s revenue was generated from its edible oils and livestock feeds businesses, Livestock Feeds Plc and Grand Cereal Limited, amounting to N38.5 billion. UAC Foods generated N27.6 billion in revenue, while Chemical and Allied Paints (CAP) Plc generated N15.6 billion in revenue.
However, the most profitable unit of the group was UAC Foods during the half-year, as it generated a pre-tax profit of N4.1 billion, while CAP Plc posted a pre-tax profit of N2.67 billion. In the first half of 2023, the company’s paints business, CAP Plc was the most profitable segment, with a N1.9 billion pre-tax profit, followed by UAC Foods with a N1.3 billion pre-tax profit.
The 224% year-on-year growth in UAC Foods’ half-year pre-tax profit is a reflection of the level of efficiency that section of the group has achieved over the past year.
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Key Highlights H1 2024 vs H1 2023
Revenue: N83.3 billion, +57% YoY
Cost of sales: N64.5 billion, +46% YoY
Gross profit: N18.7 billion, +117% YoY
Selling and distribution expenses: N5.1 billion, +23% YoY
Operating profit: N6.7 billion, +18994% YoY
Net finance income: N7.8 billion, +188% YoY
Profit before tax: N15 billion, +373% YoY
Profit for the period: N9.5 billion, +677% YoY
Earnings per share: N3.04, +474% YoY
Total assets: N124.8 billion, +11% YoY
Net cash flows generated from operating activities: N8.4 billion, +228% YoY
Cash and cash equivalents at the end of the period: N32.8 billion, +119% YoY
