UAC Nigeria Plc to pay shareholders N643.749 million dividends in 2023

The Board of Directors of UAC Nigeria Plc has in pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria proposed a dividend of 22 kobo per share for the financial year 2023.

This was contained in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX) and obtained by the Naijaonpoint.

Subject to shareholders approval: According to the company, the dividend is subject to the appropriate withholding tax and approval at the Annual General Meeting, will be paid to shareholders whose names appear in the Register of Members as at the close of business on 6 June 2024.

The statement signed by the company noted that on June 21, 2024, cash dividend will be paid electronically to shareholders (Qualifying Shareholders) whose names appear on the Register of Members as at close of business on 6 June 2024, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Advice to shareholders: Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the Registrars.

Shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are also advised to complete the e-dividend registration or contact the Registrar.

Naijaonpoint reported that UAC Nigeria Plc has posted a pre-tax profit of N12.34 billion in FY 2023, representing a massive turnaround from the N4.37 billion loss recorded in 2022.

The group’s pre-tax profit in 2023 is also its highest since 2014, when it recorded a pre-tax profit of N14.1 billion.

According to the group’s audited financial statement, its revenue hit N120.5 billion in FY 2023, representing a 10% increase from the N109.3 billion posted in 2022. About 53.2% of the group’s revenue (N64.2 billion) came from its animal feeds business.

As of March 28, UAC Nigeria share price was N13.75, and year-to-date, the group’s share price has appreciated by 7%. The group’s total assets grew by 19.7% in 2023, as its shareholders’ fund increased by 17.4% to hit N53.2 billion in 2023 from N45.3 billion posted in 2022.

The group’s return to profitability in 2023 is attributable to its “other operating income” of N8.82 billion recorded in 2023. According to the group’s financial statement, its foreign exchange gains or losses were presented as “other operating income”.

The group operates across four segments, which are animal feeds and other edibles, paints, packaged food & beverages, and quick service restaurants.

It also operates five subsidiaries namely, Grand Cereals Limited, Chemical & Allied Products Plc, MDS Logistics Limited, UAC Foods Limited, and Livestock Feeds Plc.

In 2023, the animal feeds & other edibles segment recorded a revenue of N64.17 billion, the paints segment recorded N23.89 billion in revenue, the packaged foods and beverages segment recorded revenue of N28.55 billion, while the quick service restaurant recorded a revenue of N3.72 billion.