UACN | UAC of Nigeria FY 2023 Quick take: Operational efficiencies & gains from PPE sales boost y/y profit growth

In its unaudited FY 2023 earnings results, UAC of Nigeria Plc’s (UACN) Revenue was up 8.6% y/y to N118.68bn from N109.27bn in FY 2022. The Paints, Packaged Foods & Beverages, and the Quick Service Restaurants (QSR) segments reported the highest growths in sales to the tune of N23.86bn, N28.59bn and N3.72bn in FY 2023 from N19.21bn, N23.23bn and N3.08bn in FY 2022 respectively. Conversely, the Revenue inflow for Animal Feeds & Other Edibles and Other Revenue dropped to N62.30bn and N208m in FY 2023 from N63.46bn and N297m in FY 2022.

The company’s Cost of Sales (ex-depreciation) grew slower than Revenue, up 1.6% to N94.45bn from N92.95bn in FY 2022. Consequently, UACN reported Gross Profit of N24.23bn (+48.5% y/y) from N16.32bn in FY 2022 leading to a Gross profit margin of 20.4% in the period from 14.9% in FY 2022.

 

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