UAC of Nigeria Plc, a manufacturer of food products, has reported an after-tax profit of N7.80 billion last year compared to a loss of N3.99 billion in 2022, according to its latest unaudited financial statements.
The foreign exchange gain increased to N4.49 billion in 2023 from N326.5 million in 2022.
Last June, the Central Bank of Nigeria merged all segments of the FX market into the Investors and Exporters window and reintroduced the willing buyer, willing seller model.
The naira has continued to depreciate against the dollar and other major foreign currencies since then.
The official exchange rate fell from N463.38/$ to N1,665.50/$ as of February 23, 2024. At the parallel market, the naira is pushing above N1,900/$ from 762/$.
Further analysis of the company’s statement showed that dividend income recorded an increase of N52.3 billion in 2023 from N9.25 million in 2022.
Other operating income increased to N8.7 billion from N742.8 million. The firm’s revenue was N118.7 billion, up from N109.2 billion.
Finance income was up by 77 percent to N6.27 billion from N1.45 billion. Finance cost rose N3.6 billion from N3.53 billion.
The basic earnings per share recorded a positive increase of N2.76 from a negative of N1.07. The total assets increased to N113.4 billion from N93.8 billion.
The total equity was N52.3 billion, down from N45.3 billion.
Total liabilities grew to N61.1 billion from N48.5 billion. The net cash flows generated from operating activities declined to N117 million from N16.6 billion. Net cash flow used for investigating activities recorded a positive of N6.5 billion from a negative of N6.08 billion.
Subsequently, net cash flow used in financing activities recorded a positive of N5.76 billion compared to a negative of N3.28 billion.
Cash & cash equivalents at the end of the period rose to N25.4 billion from N16.2 billion.
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