UAC announces disengagement of Dr Umaru Alka as Non-Executive Director
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BY EMEKA EJERE

Full year audited financial report for the period ended December 31, 2019 of UAC of Nigeria Plc. has been released with a loss of N9.2 billion.

The conglomerate’s revenue for the period stood at N79.2 billion as against N70.4 billion during the comparable period in 2018. This shows a 12.4% increase, year- on-year. However, the company’s cost of sales increased by 9.3% to N62.5 billion, up from N57.2 billion in 2018.

UACN’s profit before tax for the period under review stood at N7.4 billion, thereby marking a 22.7% increase compared to N6 billion in 2018.

Similarly, the group’s profit after tax from continuing operations increased by 26.1% to N5.3 billion, up from N4.2 billion during the preceding financial year.

The group reported a loss of N9.2 billion during the period under review, an amount slightly lower than a loss of N9.5 billion in FY 2018.

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