UACN posts NGN589 million profit in six months

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UACN plc is reporting NGN589.2 million profit for the half year compared to NGN1.3 million reported same period in the financial year 2016.

UACN ended the period with higher revenue of NGN23.4 billion in contrast to NGN19.1 billion posted on the year before while costs of sales was also higher at NGN19.9 billion against NGN14.9 billion recorded int he year before.

The company’s gross profit lowered to NGN3.5 billion form NGN4.1 billion reported in the fiscal year 2016 while operating profit increased to NGN1.9 billion from NGN1.6 billion in the previous year.

Total assets was NGN137.6 billion compared to NGN138.2 billion disclosed in the year before while total liabilities was NGN63.5 billion versus NGN61.7 billion in the year 2016.

Company Information

The United Africa Company of Nigeria is a company based in Nigeria. Its areas of operation include manufacturing, services, logistics and warehousing, agricultural and real estate. The current Chairman of the Board as of 2010 is Senator Udoma U.Udoma with Mr Larry Ettah serving as Group Managing Director and CEO.

UAC Nigeria was first incorporated in Nigeria under the name Nigerian Motors Ltd on April 22, 1931 as a wholly owned subsidiary of the United Africa Company Ltd. which later became UAC International (UACI). UAC International, a subsidiary of Unilever, included in its business the activities formerly carried on by a number of other companies including The Niger Company Ltd. and the African and Eastern Trade Corporation Ltd, all of which had long-standing trading links with West Africa.

The company, whose name was changed to United Africa Company Ltd in 1943, remained dormant until 1955 when it became The United Africa Company of Nigeria Ltd and started acquiring, over a period of five years, a large part of the business of UAC International. In 1960 C.W.A. Holdings Ltd, England also a subsidiary of Unilever, acquired the interest of UAC International in the company. Further reorganisation concluded in 1973 and resulted in the acquisition of a number of wholly owned fellow subsidiaries of C.W.A. Holdings.