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UAC of Nigeria Plc reported a 109% surge in profit before tax to N25.8 billion for 2024, driven by strong growth in key sectors. Revenue increased by 64% to N197.6 billion. The company attributes its success to innovation, cost efficiency, and strategic expansion, positioning itself for sustained growth.

UAC of Nigeria Plc has recorded an impressive financial performance for 2024, with profit before tax soaring by 109% to N25.8 billion from N12.34 billion in 2023. The company also reported a 64% revenue growth, reaching N197.6 billion compared to N120.53 billion the previous year.

This surge in earnings was driven by significant expansion across key business segments, including Packaged Food and Beverages, Feeds, and Paints. UAC also credited its success to a strong focus on innovation, cost efficiency, and strategic market expansion. Despite economic challenges such as rising inflation and increased operational costs, the company managed to improve its gross profit margin from 17.7% in 2023 to 23.4% in 2024.

Group Managing Director, Folasope Aiyesimoju, attributed the company’s strong performance to the dedication of its employees and leadership teams. He highlighted efforts in pricing optimization, market penetration, and careful risk management as key contributors to the company’s success.

Group Finance Director, Funke Ijaiya-Oladipo, emphasized the company’s commitment to financial discipline, which helped sustain profitability. She noted that cost control, operational efficiency, and strategic capital investments played a crucial role in UAC’s strong financial position.

In a bid to drive further innovation, UAC launched the 1879 Tech Hub, a digital initiative aimed at enhancing technological advancements in its operations. Moving forward, the company remains committed to sustainable growth, with a focus on value creation for its shareholders and long-term business expansion.