UAC Profit Hits Rock Amid Revenue Improvement In 2020 Financial Year
UAC Nigeria’s profit for the year 2020 was put at N3.92 billion against the N9.25 billion recorded the previous year, despite revenue improvement. The drop in the operating profit was put at 37 percent.
A breakdown of the company’s financial records for last year ended December 31, 2020, by InstinctBusiness reveals the company’s revenue rose to N81.35 billion, rising past the N79.20 billion generated during the corresponding period in 2019.
Net finance also took a nosedive, settling at N550.22 million during the full-year period of 2020, disappointingly falling short of the N1.78 billion the company grossed in 2019 FY.
Meanwhile, UAC Nigeria has N2.50 billion loan due within one year. The company is indebted to Sterling Bank, Central Bank of Nigeria, First Bank, FSDH, Bank of Industry, and Zenith Bank. The debt has reduced when compared to the N4.59 billion owed in 2019.
Profit before tax dipped by 31 percent during the period under review. The manufacturer posted N5.12 billion last year, but failed to surpass the N7.45 billion recorded during the preceding year.
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