UAC of Nigeria Plc Reports Remarkable 64.7% Year-on-Year Revenue Surge In Q1 2024, Reaching ₦40.6 Billion

UAC of Nigeria Plc, a leading conglomerate with diversified business interests across Nigeria, proudly announces an outstanding 64.7% year-on-year increase in revenue for the first quarter of 2024. This significant growth, reaching ₦40.6 billion, is attributed to robust sales performance in key segments, including animal feeds, paints, and packaged food and beverages.

Mr. Fola Aiyesimoju, Group Managing Director at UAC of Nigeria, shared this exciting news during a live interview on CNBC, highlighting the company's commitment to driving production and supply chain efficiencies. These efforts have resulted in margin improvements, underscoring UAC's dedication to sustainable growth and operational excellence.

In a heartfelt message posted on LinkedIn, Mr. Oluyemi Oloyede, Managing Director/CEO of UAC Foods Limited, expressed gratitude to the company's leadership team, employees, suppliers, customers, and shareholders for their unwavering support. He emphasized UAC's vision to build a distinguished company that garners pride from Nigerians and Africans alike.

Mr. Oloyede further elaborated on the first-quarter results for UAC Foods Limited, showcasing remarkable performance metrics:

  • Revenue surged by an impressive 125%, soaring from ₦5.4 billion in Q1 2023 to ₦12.2 billion in Q1 2024.
  • Operating profit witnessed a remarkable growth of 1,578%, ascending from ₦67 million in Q1 2023 to ₦1.13 billion in Q1 2024.
  • Profit Before Tax experienced an extraordinary increase of 33,454%, shifting from a loss position of ₦6.5 million in Q1 2023 to a profit of ₦2.165 billion in Q1 2024.

Q1 2024 UACN Group Results:

  • Revenue surged by 64.7%, escalating from ₦24.620 billion to ₦40.556 billion.
  • Operating profit demonstrated a substantial growth of 586%, rebounding from a ₦700 million loss position in Q1 2023 to ₦3.401 billion in Q1 2024.
  • Profit Before Tax witnessed an impressive increase of 1,064%, transitioning from a loss position of ₦937 million in Q1 2023 to ₦9.030 billion in Q1 2024.
Mr. Oluyemi Oloyede concluded with optimism, stating, "The journey has begun. Look forward to not just great financial results but to a great team that delivers joy, happiness, success to our employees, suppliers, contractors, shareholders, and the general public at large."