Tougher Times In Real Estate Market! UPDC Posts NGN10 Million Net Loss

Mary Ricks

UPDC PLC, one of the largest property development and real estate company quoted on the Nigerian Stock Exchange said it recorded a net loss of NGN10 million in the third quarter of the year.

The impact of the dwindling economy has impacted the company’s operation beyond the expected forecast. However, the company’s result showed that it is cutting down its loss. Last year, the company recorded a net loss of NGN614 million.

Gross income for the period improved to NGN1,4 billion versus NGN605 million reported last year.

Net asset at the end of the quarter increased to NGN74 billion compared to NGN71 billion for last year. Total liabilities have also grown to NGN39 billion compared to NGN36 billion posted last year.

Corporate information

UACN Property Development Company Plc (‘the Company ‘) and its subsidiaries (together ‘the Group’) is a company incorporated in the Nigeria.

The Group has business with activities in the following principal sectors: real estate and hotel management. The address of the registered office is 1-5 Odunlami Street, Lagos. The company is a public limited company and is listed on the Nigerian Stock Exchange.

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