Conoil Plc records 24.34% decline in 2020 Q3 revenues 

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United Africa Company of Nigeria Plc (UACN) – a diversified company, has recorded a 10.49% increase in its Q3 2020 revenues. The company recorded revenues of N21.16 billion in Q3 2020 compared to the N19.15 billion recorded in the same period in 2019.

Key highlights for 2020 Q3

  • Revenues increased to N21.16 billion, +10.49% YoY.
  • Revenues from animal feed and other edibles increased to N13.59 billion, +10.00% YoY.
  • Revenues from paints increased to N2.96 billion, +18.02% YoY.
  • Revenues from packaged food and beverage increased to N4.61 billion, +7.85% YoY.
  • Revenues from quick-service restaurants increased to N436 million, +15.65% YoY.
  • Other operating income declined to N120 million, -24.53% YoY.
  • Net finance income declined to N205 million, -42.09% YoY.
  • Operating expenses increased to N3.33 billion, +7.38% YoY.
  • Pre-tax profits declined to N1.44 billion, -24.69% YoY.
  • Earnings Per Share increased to 15 Kobo, +105.47% YoY.

Bottom Line

UACN of Nigeria Plc recorded a boost in its four revenue-generating units, as total revenues increased. However, profits of UACN of Nigeria Plc declined in the period under consideration.

The results indicate that the decline was partly aided by declined income – other operating, net finance, and non-recurrent income, as well as rising expenses, compared to the same period last year.


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