UACN Reports 109% Pre-tax Profit Surge In 2024

UAC of Nigeria (UACN) Plchas posted a growth of 109 per cent in its profit before tax for the financial year ended December 31, 2024.

The company’s unaudited financial statements for 2024 indicated sustained growth from the previous year. Profit before tax grew by 109.30 per cent to N25.828 billion from N12.340 billion recorded as at December 31, 2023. Profit after tax also rose by 90.43 per cent from N8.908 billion to N16.964 billion in the period under review. Earnings per share stood at N5.15 from N3.14 in 2023.

Cost of sales increased by 52.52 per cent to N151.318 billion as against N99.210 billion achieved in 2023, while gross profit moved to N46.3 billion from N21.3 billion in 2023. Gross margin expanded from 17.7 per cent to 23.4 per cent.

UACN stated that “this exceptional performance was achieved against a backdrop of challenging operating conditions including record high inflation impacting input and operating expenses.”

The Company attributed the exceptional performance to volume and value growth across key operating segments, notably Packaged Food and Beverages, Feeds, and Paints, adding that a strong people-focused strategy, strategic investments in technology was noted as key to the recent success.

Speaking on the results, Group managing director, UACN, Folasope Aiyesimoju, stated, “we delivered strong performance in 2024, and this outcome was on account of the hard work, skill and dedication of leaders across the Group and their teams.

“At UAC, people are at the heart of our strategy. Meaningful improvements in growth and profitability were recorded across our core operating segments. Specific initiatives include aggressively pursuing new markets with products offering value to the consumer, a rigorous focus on pricing and margin and careful risk management regarding interest rates and foreign exchange.”

On the company’s financial strategy, Group finance director, UAC of Nigeria, Funke Ijaiya-Oladipo added, “our disciplined approach to financial management was instrumental in delivering these results. We maintained a strong focus on cost optimization, working capital efficiency, and prudent risk management, which supported both top-line growth and profitability.

“As we look ahead to 2025, we remain committed to driving sustainable growth through operational excellence, strategic capital allocation, and continued focus on delivering value to our shareholders.”

Ijaiya-Oladipo said “this performance is further supported by the launch of the 1879 Tech Hub, named after UAC of Nigeria founding year. The initiative aims to drive digital innovation and reinforces the company’s commitment to leveraging technology for sustainable growth.”

UAC of Nigeria remains focused on driving sustained growth and profitability, leveraging its strong financial position and strategic initiatives to create value for stakeholders.