UACN Group Managing Director Acquires Shares Worth N231.8Million

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UACN
Folasope Babasola Aiyesimoju, the Group Managing Director, UAC of Nigeria Plc (UACN) | Brand Spur

Folasope Babasola Aiyesimoju, the Group Managing Director, UAC of Nigeria Plc (UACN), purchased 22,500,000 ordinary shares of the company.

The management disclosed in a statement signed by Nkemdirim Agboti, Company Secretary, UACN.

UACN
Folasope Babasola Aiyesimoju, the Group Managing Director, UAC of Nigeria Plc (UACN) | Brand Spur

Insider dealings give clues on insiders’ sentiment and director unlike before the new transparent policy where shareholders do not know what executives that formulates policy that impacts their desire stocks are doing.

Aiyesimoju bought 22,500,000 UACN shares at N10.30 a unit on May 11 2021 on the trading floor of the Nigerian Exchange Limited.

The total amount involved summed up to ₦231.750 Million.

UAC Reports 41.7% Drop in Profit to ₦669M in Q1 2021

UAC of Nigeria PLC (UAC) announced its unaudited results for the quarter ended 31 March 2021.

Highlights

  • Revenue 13% ahead of Q1 2020 at ₦22.0 billion, driven by sales growth in the Animal Feeds & Other Edibles segment and the Packaged Food & Beverages segment.
  • Gross margin 344 bps lower due to rising raw material prices and supply chain disruptions.
  • Operating profit 1% higher at ₦1.1 billion, supported by revenue growth and cost management efforts.
  • Net finance income 77% lower at ₦109 million on account of lower average yields year on year.
  • Profit after tax from continuing operations was ₦669 million, down 42% from ₦1.1 billion in Q1 2020.
  • Earnings per share from continuing operations was 12 kobo, 56% lower than 27 kobo recorded in Q1 2020.
  • In Q1 2020, UAC recorded ₦717 million from discontinued operations which impacts quarter on quarter comparison.
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Commenting on the results, Group Managing Director, Fola Aiyesimoju, stated:

“Growth across our operating platforms translated to 13% revenue growth. Operational improvement initiatives resulted in a 6% reduction in operating expenses which supported marginal operating profit growth in spite of a 5% decline in gross profit.”