UPDC’s Q3 profit up 487% as share price dips by 77% YtD

UPDC has released its unaudited financial statements for the period ended September 30, 2024, reporting 487 percent growth in group profit after tax (PAT) to N407.237million as against loss after tax (LAT) of N105.280million in same period of 2023. The Group has businesses with activities in real estate and hotel management.

The N1.46 per share which UPDC closed on the local bourse as at October 23 represents a decrease by 77.19 percent year-to-date (YtD). The company has shares outstanding of 18,559,969,936 units.

As at 2.19 pm on Thursday, each share price rose to N1.59, up by 13kobo or 8.9percent. The share price had reached a 52-week high of N2.2 as against a 52-week low or N1.09.

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The third quarter results released to investors on the Nigerian Exchange shows that the group’s revenue grew by 33 percent to N5.025billion from N3.778billion in Q3’2023.

UPDC grew its profit before taxation (PBT) in the review period to N627.869billion from N3.732million in Q3’23, representing 16,726 percent growth.