UAC of Nigeria has declared a profit after tax of N9.95bn for the financial year ended December 31, 2013, an increase of 39 per cent when compared to N7.10bn recorded in the same period of 2012.
The group also announced a top line growth of 13 per cent, from N69.6bn in 2012 to N78.7bn in 2013, as its operational profit rose from N11.5bn in 2012 to N15.3bn in the review period.
Addressing shareholders at the Company’s Annual General Meeting yesterday, the chairman, Senator Udoma Udo Udoma said the performance was made possible due to innovative and proactive responses to market dynamics and competitive pressures by management.
According to him, during the year under review, it acquired two new companies, Livestock Feeds Plc and Portland Paints and Products Nigeria Plc and continued to build on its strategy of working with partners who bring value to businesses.
He said, “We currently have strategic partners in Tiger Brands Limited for UAC Foods Limited, Imperial Logistics for MDS Logistics Limited and Famous Brands for our UAC Restaurants Limited businesses.
“ These bold initiatives have repositioned our group for sustainable growth and improved performance in the years ahead.”
On the company’s outlook, he said explained that the prospects for growth in 2014 remain modest given the economic and business risks earlier enunciated.
“However, we are very optimistic as to the growth prospect of UAC in the medium term as we integrate the two newly acquired businesses – Livestock Feeds PLC and Portland Paints and Products Nigeria PLC – into the UAC family and continue to build on the synergies created by our various strategic alliances with other industry leaders.
“The future of UAC is indeed bright as we are poised to reap the benefits of the investments we are currently making as well as the capacity upgrades we are undertaking in our various businesses,” he added.
On the efforts to mitigate risks in the business environment, he stressed that the company has taken strategic initiatives geared towards minimizing business risk and exposure.