UAC reports N9.1 billion gross profit in Q1

UAC of Nigeria PLC has announced a noteworthy gross profit of N9.1 billion for the first quarter ending on March 31, 2024, showcasing an exceptional year-on-year surge. UAC of Nigeria PLC has announced a noteworthy gross profit of N9.1 billion for the first quarter ending on March 31, 2024, showcasing an exceptional year-on-year surge.

The animal feeds and other edibles segment experienced enhanced performance due to cost-saving measures aimed at reducing conversion and operating expenses. In Q1 2024, the segment saw a notable increase in profit before tax, rising from the previous year’s Q1 loss of N1.3 billion to a profit of N462 million.

Commenting on the company’s Q1 performance, Group Managing Director, UAC, Folasope Aiyesimoju, stated: “The results we have delivered in the first quarter of this year are a testament to the successful implementation of our strategy. The three key pillars of this strategy are, having excellent leaders for the various businesses in the group, running companies that own some of Nigeria’s strongest brands and widest distribution network, as well as increasing investment in processes and technology.

UAC of Nigeria PLC has announced a noteworthy gross profit of N9.1 billion for the first quarter ending on March 31, 2024, showcasing an exceptional year-on-year surge.The continued delay in the clearance of the MT Prestigious vessel by the Nigerian Navy may be posing threat to production of 100,000 barrels per day of crude oil by Newcross Exploration And Production Limited.

The federal government has appealed to the government and private investors of Saudi Arabia to invest in Nigeria’s agricultural sector.

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