UAC of Nigeria Plc has announced that its 2024 revenue rose to ₦198 billion, a 64 per cent rise from 2023 and a 109 per cent increase in profit to ₦25.8 billion.

This is contained in the company’s unaudited financial statements for last year, indicating sustained growth from 2023. Gross profit more than doubled, reaching N46.3 billion, up from N21.3 billion in 2023, with the gross margin expanding from 17.7 per cent to 23.4 per cent.

Commenting, Group Managing Director, Folasope Aiyesimoju, said this was achieved against a backdrop of challenging operating conditions including record-high inflation impacting input and operating expenses. She attributed the exceptional performance to volume and value growth across key operating segments, notably packaged food and beverages, feeds, and paints, a strong people-focused strategy and strategic investments in technology.

“We delivered a strong performance in 2024, and this was on account of the hard work, skill and dedication of leaders across the group and their teams. Meaningful improvements in growth and profitability were recorded across our core operating segments. Specific initiatives include aggressively pursuing new markets with products offering value to the consumer, a rigorous focus on pricing and margin and careful risk management regarding interest rates and FX.”

On their financial strategy, the Group Finance Director of the company, Funke Ijaiya-Oladipo, said their disciplined approach to financial management was instrumental in delivering these results. She explained that they maintained a strong focus on cost optimisation, working capital efficiency and prudent risk management, which supported both top-line growth and profitability.

Ijaiya-Oladipo said the firm remained committed to driving sustainable growth through operational excellence, strategic capital allocation and continued focus on delivering value to their shareholders.

She went on to add that their performance is further supported by the launch of the 1879 Tech Hub, named after UAC of Nigeria Plc’s founding year and aimed to drive digital innovation and reinforce the company’s commitment to leveraging technology for sustainable growth.

https://guardian.ng/business-services/business/uac-records-64-per-cent-revenue-growth-as-profit-surges/