UPDC leverages NGX to present Facts Behind the Figures

UPDC Plc last Friday September 24, 2021 during its Facts Behind the Figures on Nigerian Exchange (NGX) Limited presented its 2020 financial year to capital market stakeholders. The virtual event was hosted by the Divisional Head, Listings Business, NGX, Olumide Bolumole, and featured the Chief Executive Officer, UPDC Plc, Odunayo Ojo.

In his opening remark, Bolumole noted that the market is driven by timely, relevant, and accurate information, interactions with the market are vita for transparency, price discovery and overall performance of securities. While commending UPDC Plc, Bolumole expressed delight at the significant milestone UPDC achieved with the successful conclusion of the N16 billion rights issue last year, proceeds of which were used to strengthen the capital base and position the company for growth.

He said, “At the exchange, we remain committed to helping issuers derive great value from their interaction with the market. By positioning ourselves as the African Exchange of choice, we continue to implement policies aimed at strengthening the corporate governance of our listed companies and providing products that are aligned to investors’ requirements in a fair and orderly market”.

Making his presentation, the Chief Executive Officer, Odunayo Ojo, said following the conclusion of the company’s restructuring in the first half of the year, the management of UPDC will focus on its key strategic initiatives which include; Property Development, Development management and other Real Estate Advisory services, Disposal of low yielding investment properties and existing Inventory, Sale of Festival Hotel at Festac and Asset Management.

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Whilst explaining that UPDC has established a development track record commission of diverse asset mix in the retail, commercial residential and hospitality sectors, Ojo said that the company distributed its stake in UPDC REIT to shareholders in 2020, giving UPDC shareholders direct stake in UPDC REIT Plc.

Presenting the company’s financials and future plans of the company, Chief Financial Officer at UPDC Plc, Folakemi Fadahunsi, said although the company’s revenue decline was a result of its focus to dispose of its old inventory to unlock funding for new developments.

“UPDC’s half year performance reflects the anticipated impact of the Company’s internal restructuring on performance. We were able to record a significant reduction in its finance cost for the first half of the year and the full effect of our management’s refinancing initiatives is expected to be fully reflected in the full-year result following the success of our bond repayment in April 2021. We will try to improve cash flow and ultimately start paying dividends to shareholders”, She said.