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UAC Nigeria records 7.8billion First-Half Profit

By on August 3, 2011

UAC of Nigeria Plc (UACN), a food-products maker and fast-food restaurant operator, posted a more than threefold increase in second-quarter profit as sales climbed.

Net income for the period increased to 7.8 billion naira ($51 million) from 2.2 billion naira a year earlier, the Lagos- based company said in a statement published on the website of the Nigerian Stock Exchange today. Sales rose 14 percent to 27.1 billion naira, it said.

The profit figure included 5.5 billion naira earned from the sale of a 49 percent stake in UAC’s foods division to Tiger Brands Ltd. (TBS) of South Africa, Securities Africa Ltd., a Johannesburg-based brokerage, said in an e-mailed note.

UAC’s stock gained 20 kobo, the most in a week, to 39.5 naira by the 2:30 p.m. close in Lagos. The shares have risen 5.3 percent this year, outpacing the bourse’s All-Share Index, which has declined 3.7 percent in the same period