UAC of Nigeria declares N26 bn profit before tax in 2024

UAC of Nigeria has reported a profit before tax of N26 billion for 2024, marking a 107 per cent increase from the N12 billion recorded in 2023. The company disclosed this in a corporate filing with the Nigerian Exchange Limited on Saturday. In 2024, UAC recorded earnings per share of 497 kobo, up from 314 kobo in 2023. The company generated N197 billion in revenue; a 63 per cent increase from 2023. It stated, “This growth was driven by strong sales in key segments, including edibles and feed 54 per cent, packaged food and beverages 102 per cent, and paints 52 per cent. UAC’s gross profit for 2024 surged by 117 per cent to N46 billion, with a gross margin improvement of 5.83 percentage points to 23.5 per cent.
This was supported by volume growth in packaged food and beverages, improved production efficiency, and strategic price adjustments to mitigate inflationary pressures. Operating profit doubled to N19 billion in 2024, compared to N9 billion in 2023. Excluding a one-off gain from property sales in 2023, the operating profit rose by 780 per cent, with underlying operating profit of N2.1 billion.” UAC also saw net finance income increase to N5.9 billion in 2024 from N2.4 billion in 2023, driven by higher investment yields and gains in the treasury portfolio. The Group Managing Director, Fola Aiyesimoju, commented on the results, stating, “We achieved strong growth in 2024, with a 63 per cent increase in revenue and a 107 per cent rise in profit before tax. Mr Aiyesimoju said, “This is the result of hard work and dedication from our teams across the group. We remain focused on creating shareholder value and prioritising profitable growth, scale, and simplicity as we move into 2025.”