UAC Dividend Yield Up 13.8%, Offers N3.5bn To Shareholders

Despite the COVID-19 pandemic, which ravaged economies and businesses around the world including Nigeria, UAC of Nigeria (UAC) has posted a rise in revenue for the year ended December 31, 2020.


Revenue rose by 3 per cent ahead of the 2019 full year, despite COVID-19 related disruptions. Gross margin 1.34 per cent lower due to limited sales during the Q2 2020 restrictions to the movement of people and goods, as well as, higher input costs.
Underlying operating profit went down by 26 per cent to N3.6 billion, largely on account of the paints segment, total profit for the period was N3.9 billion, a reversal from the N9.3 billion loss reported in 2019.

Earnings per share stood at 92 kobo, up from negative 183 kobo in 2019, while a total dividend of 120 kobo per share (N3.5 billion) was proposed by the board. This comprised an ordinary dividend of 65 kobo and a special dividend of 55 kobo per share. This translates to a dividend yield of 13.8 per cent.

In the period under review, the company completed partial exit from UACN Property Development Company PLC (UPDC) while it received N6.6 billion cash proceeds and 649,392,661UPDC Real Estate Investment Trust (“UPDC REIT”) units valued at N3.6 billion.

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