UACN properties reports NGN1.5 billion loss in 2016

Marius Muller

UACN properties development company plc, one of Nigeria’s major real estate development company saw its fortunes in the red in 2016.

Gross profit of NGN1.1 billion in contrast to NGN1.5 billion recorded in the financial year 2015.

Its operating profit for the year was NGN75.7 million against NGN804.0 million recorded in the year 2015.

The company recorded 1,7 billion as the loss before taxation in contrast to NGN55.8 million profit recorded in 2015.

After deducting tax, the loss for the year was NGN1.5 billion in the year in review against NGN380.7 million profit recorded in the year 2015.

UACN properties acquired total assets worth NGN70.9 billion in contrast to NGN71.9 billion recorded in the previous year. Its total liabilities for the year was NGN36.8 billion against NGN36.3 billion recorded in the fiscal year 2015.

For mare details on the report, click here>>

Company Information

UACN Property Development Company (UPDC) operated first as a Department, then as a Division of UAC of Nigeria Plc until 1997, when the business was incorporated as a public limited liability company and listed on the Nigerian Stock Exchange.

UPDC’s strategic thrust is the development and management of luxury, premium and classic apartments in selected cities in Nigeria. We approach property planning from the customers’ perspective to create comfortable living/working environments

Leave a Reply

Your email address will not be published. Required fields are marked *