UACN woeful performace continues, suffers N9.23bn loss in 2019.

The woes of UAC Nigeria continued last year as it suffered a massive N9.23 billion loss, though it was 4 per cent lower than N9.58 billion loss it declared in 2018.

The unaudited financial statement of the company for the period ended December 2019 released to the Nigerian Stock Exchange (NSE) on Thursday, showed that the conglomerate increased revenue by 10 per cent to N83.96 billion at the end of 2019 compared to N76.56 billion it generated in the prior year.

The growth in revenue was inspired by increase in earnings from animal feeds, paints and slightly from its fast food restaurant and logistics businesses.

last year, the company raked in 18 per cent lower finance income to N2.77 billion, and likewise, finance expenses went down 27 per cent to N450.93 billion.

Meanwhile, operating income increased 16 per cent N5.78 billion in 2019, while its selling and distribution cost jumped 40 per cent to N6.6 billion.

UAC had a lower inventory last year by 43 per cent to N17.29 billion, its total assets depleted 17 per cent to N108.53 billion.