UAC of Nigeria Plc has announced its unaudited results for the quarter ended March 31, 2020 with a record of 87.1 per cent growth in profit after tax.
According to the group in a filing with the Nigerian Stock Exchange, the profit after tax during the period under review stood at N1.864bn against N996m posted in 2019, representing a growth of 87.1 per cent.
The group recorded a profit before tax of N1.6bn in Q1 2020 as against N2.4bn posted in 2019, a drop of 30.5 per cent.
Revenue dropped by 2.9 per cent from N20.141bn in 2019 to N19.549bn in Q1’ 2020.
The group noted that results for UACN Property Development Company Plc, which had been classified as a discontinued operation, were accounted for separately in the UAC’s Q1 2020 financial statements (in accordance with the provisions of the IFRS 5).
It said all figures for Q1 2019 had been restated for discontinued operations.
It said that following divestment of control in the MDS, the UAC’s share of profits from the MDS’ operations had been reported under “Share of Profit/(Loss) of Associates and JVs” in Q1 2020 while the MDS results were consolidated in Q1 2019.
Group Managing Director, Mr Folasope Aiyesimoju, stated, “Nigeria, along with the rest of the world, continues to struggle with the impact of the COVID-19 pandemic, which is first and foremost a healthcare and humanitarian disaster.”
Credit: punchng.com
