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UPDC REIT  Net Income Declines by 4.82% to N1.108bn in Half Year 2020

Obinna Ezugwu
UACN, others lift NGX to 0.42% weekly close

L–R: Mr. Kunle Osilaja, Non-executive Director, UACN Property Development Company (UPDC) Plc; Mrs. Bolarin Okunowo, Head Corporate Finance, UPDC Plc; Mr. Bola Adeeko, Head, Corporate Services Division, The Nigerian Stock Exchange (NSE); Mr. Fola Aiyesimoju, Chief Executive Officer, UPDC Plc; Mrs. Deborah Nicol-Omeruah, Deputy CEO, UPDC Plc and Mrs. Folakemi Fadahunsi, Chief Finance Officer, UPDC Plc during the Facts Behind the Right Issue presentation at the Exchange in Lagos. FIle

Adebayo Obajemu

UPDC Real Estate Investment Trust on 27th July, 2020 released its half year financial results for the period ended 30th June, 2020. The result revealed that the Company declined in Net Income by 4.82% to arrive at N1.108 billion against the previous’ N1.164 billion in the corresponding period of 2019.

The Profit after Tax (PAT), also dipped by 13.96% to close the period at N816.6 million against the previous close of N949 million in HY’19.

With about 2.6 billion Share outstanding, the Shareholders’ earnings per share fell by 14% to close at N0.31 from N0.36 recorded same period last year.

At a reference price of N3.80, the company’s PE Ratio is at 12.42x with earnings yield of 8.05

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