Business
UAC Nigeria reports N9.2 bn loss for FY 2019
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.