UAC pays N3.3 billion dividend to shareholders

UAC of Nigeria Plc. (UAC) has declared a dividend of N3.3 billion, culminating to N175kobo per share due to every shareholders of the company for the 2014 financial year.

The company also assured shareholders that it plans to adopt fresh strategies in its policy drive to create an enviable stance in its operations, as well as leverage on emerging opportunities in the industry.
 
Reviewing the company’s performance at the 2014 yearly general meeting held in Lagos yesterday, the company’s Chairman, Senator Udoma Udo Udoma explained that the company, amid harsh operating environment posted a revenue of N85.7 billion, up from N78.7 billion achieved in the corresponding period in 2013.

The company’s profit after tax also rose from N9.8 billion in 2013 to N10.9 billion during the year under review.

He explained that the percentage increase in revenue was nine per cent while profit grew by 11.2 per cent. Profit Before Taxation also rose to stood N14.1 billion compared to N13.9 billion of 2013.

He attributed the improved performance to the firm’s ability to manage market dynamics, while innovatively leading competition in its markets.

“In the year under review and in line with our vision to be number one in our chosen markets, we achieved market leadership with our Vital Fish feed brand, which was introduced just three years ago.

To further consolidate on its technology improvement initiative, capacity and efficiency in operations, the company, according to him, commissioned three new plants including a new Feed mill at the Ikeja plant of Livestock Feeds Plc an automated Pie line for the Restaurants business and a new processing and packaging technology for Supreme Ice cream.