Following their approval of dividend for the financial year 2018 as proposed by the Board of Directors, shareholders of UAC of Nigeria Plc (UAC) Group have settled to share a sum of N1.44 billion.
This consent, given at the 140th Annual General Meeting (AGM) of the company held in Lagos, translates to a gross dividend of 64 kobo per ordinary share of 50 kobo.
Although, the performance of the company in the year under review was unpleasing to majority of the shareholders who showed their grievances and expressed concerns over the sustainability of the company, the Chairman of the Board, Dan Agbor, assured them of a turnaround in the year 2019 and beyond.
He said: “Year 2018 was a challenging year for us and we experienced a deterioration across a number or our key metrics, with the company recording declining revenues, margin compression, a net loss, and negative cash flow.
“Underlying these results was poor performance in the animal feeds and other edibles segments, as well as continued challenges in the rea estate segment which recorded more than N10 billion in non-cash impairments losses on assets sales.
“More positively, however, we saw growth in our packaged foods, logistics, paints and quick service restaurant businesses.”
The annual report of the organization reveals that the company ended the 2018 financial year with an operating profit loss of N5.3 billion and N9.47 billion loss after tax as against a N7.0 billion operating profit and profit after tax (PAT) of N1.32 billion in 2017.
“We are greatly disappointed by these results and are working tirelessly to deliver improved performance,” Agbor said.
Towards this end, he said the management was carrying out a comprehensive review of the company’s organizational structure to ensure increased autonomy and effectiveness of operating subsidiary companies.