UAC of Nigeria Plc has reported a rise in its profit for the 12 months ended 31 December 2024, posting a profit after tax of N16.9bn, representing a 90 per cent increase from N8.9bn recorded in the previous year.
According to the company’s financial statement filed on the Nigeria Exchange recently, the performance was driven by growth in revenue, which surged by 64 per cent, reaching N197.6bn in 2024, compared to N120.5bn in the preceding year.
In the fourth quarter of 2024, UACN recorded a revenue of N64.4bn, a 65 per cent increase from N39bn in the corresponding period of 2023.
The company’s cost of sales increased to N151.3bn in 2024, up from N99.2bn in 2023, while its gross profit was N46.3bn for the year, up from N21.3bn in the previous year.
UACN’s operating profit for 2024 stood at N18.6bn, a rise from N9.1bn recorded in 2023.
Finance income also played a pivotal role in UACN’s positive performance, contributing N12.9bn, up from N5.9bn in 2023, largely due to increased income from its investments.
However, the company’s finance cost rose to N6.9bn in 2024, up from N3.5bn in the prior year, driven by higher borrowing levels. Despite this, UACN managed to offset the rise in finance costs with substantial income from its financial activities.
Its profit before tax stood at N25.8bn, a remarkable 109 per cent increase from N12.3bn in the previous year, driven by both revenue growth and improved margins.
UACN’s total assets for 2024 reached N156.8bn, an increase from N112.3bn in 2023, reflecting continued investment in its business operations. Cash and cash equivalents increased to N40.3bn, up from N25.3bn in 2023, ensuring the company remains in a strong liquidity position to support future growth.
Equity attributable to the company’s shareholders increased by 24 per cent to N62.7bn from N50.7bn in 2023, reflecting the positive impact of retained earnings from the strong performance.
