UAC records N7.1bn capital returns to shareholders


UACBy Peter Egwuatu

UAC Plc has recorded capital returns of N7.1 billion for its shareholders in the audited financial year ended December 31, 2020.

The audited results for the year under review according to the dispatch sent to the Nigerian Stock Exchange, NSE showed that revenue up three per cent from 2019 figure despite COVID-19 disruptions.

The Company recorded gross margin of 134 bases points, bps lower due to limited sales during the second quarter, Q2 2020, caused by  restrictions to the movement of people and goods, as well as higher input costs.

Underlying operating profit was 26 per cent lower at N3.6 billion, largely on account of the paints segment.

Total profit for the period was N3.9 billion, a reversal from the N9.3 billion loss reported in 2019.

Earnings per share was 92 kobo, up from negative 183 kobo in 2019. Total dividend of 120 kobo per share was declared totalling N3.5 billion comprised of an ordinary dividend of 65 kobo and a special dividend of 55 kobo per…

Source: Vanguard Newspaper