UACN Property development company plc, UPDC has posted a net loss of NGN870.2 million for the second quarter of the year compared to NGN160.0 million posted same period in financial year 2016.
Total revenue at the end of the quarter was NGN1.0 billion revenue at the end of the quarter.
Gross profit lowered to NGN66.8 million against NGN549.1 million in the previous year while operating profit increased to NGN418.3 million against NGN212.8 million loss recorded in the year 2016.
UPDC recorded NGN68.9 billion total assets for the period in review compared to NGN70.9 billion recorded in the year before while total liabilities was NGN37.0 billion versus NGN36.8 billion in the year before.
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 environment.
