Livestock Feeds posts N7.9b turnover, N252m profit in 2014

Livestock feeds. Photo; agritechstores

Livestock feeds. Photo; agritechstores

Livestock Feeds Plc a subsidiary of UAC of Nigeria Plc, has achieved a turnover of N7.9 billion and Profit After Tax (PAT) of N252 million in its 2014 operations.

Addressing shareholders during the 2014 yearly general meeting of the company, the Chairman of the Company, Larry Ettah explained that the percentage increase in turnover was 30 per cent while PAT rose by 21 per cent.

Beside, the company’s shareholders approved a dividend of 10 kobo per ordinary share of 50k each due to every investor of the firm for the 2014 financial year.

He added that the company also achieved 42 per cent growth in profit before tax from N282 million recorded in 2013 to N402million during the year under review.

According to Ettah, the company’s performance for the year can be attributed to many factors among which are the installation of a 12mt/hr milling plant in Ikeja to boost production and meet the growing demand in the region, aggressive cost control, improvement in operational efficiency and synergy derived from collaboration with other companies within the UAC group.

Ettah told shareholders that the company is set to substantially grow its revenue base in 2015 by consolidating the marketing presence of its fish feed brand Aquamax which was officially introduced to the market in the fourth quarter of 2014.

He expressed optimism that the firm would leverage opportunities that exist in the aquaculture subsector to facilitate its growth.

“Other plans, was to embark on strategic sourcing by putting in place a silo in its Aba mill in order to enhance its storage capacity and ensure continuous product availability at affordable price to farmers throughout the year.

Equally an extruder machine for soya bean processing was going to be installed for its Ikeja Mill, as a means to address stock outs arising from scarcity of soya products.” He said.

Other resolutions passed at the meeting include; increase of the authorized share capital by two billion ordinary shares thereby moving the total authorized share capital to four billion ordinary shares of 50k each, raise the sum of N2 billion as additional capital through a right issue specifically to meet working capital and capacity expansion requirements.

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