UACN Property Development Company said its half year revenue fell by 50%, while its second quarter revenue fell by 48% year on year.
UACN Property revenue for the second quarter of the year was NGN1,06 billion versus NGN2,05 billion the company declared within the same quarter last year. Six month revenue fell to NGN1,7 billion compared NGN3,49 billion recorded last year.
The UACN’s has also cut down its cost of sales by 55% year on year to NGN1,1 billion versus NGN2,66 billion the company made last year. The company cost to income ratio for the first half of the year is about 0.6.
The company’s net profit for the second quarter fell to NGN162,022 million versus NGN233,862 million recorded last year.
UACN’s will need to shore up its liquid capital as the company only has NGN108 million in cash versus NGN5 billion loans and interests.
UACN Property Development Company Plc is owned by UAC PLC. The Group has business activities in the real estate and hotel management sector.
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