UACN Posts 3Q Results, Net Profit Up 9%

UACN Plc, Nigeria’s leading and most diversified conglomerate reported its 3Q earnings today.

Gross Earnings were up 20% from N 37 Billion in 3Q 2010 to N 44.6 Billion at the end of September.

Profit Before Tax for the period came in at N 5.6 Billion as against N 5.1 Billion in September 2010, an increase of 9%.

Net Profit was also up 9% o N 4.2 Billion from N 3.8 Billion at the end of September 2010.

CEO of UACN made the following statement concerning the results, “I am pleased to announce that we have delivered results in line with our forecasts by maintaining a steady net operating margin in a challenging economic environment. In September, inflation moved back into double digits at 10.3% while local grains and oilseeds harvest prices were over 50% higher than in the same period last year. Despite this we are experiencing sustained demand growth for consumer goods in Nigeria and our product offering and distribution capabilities continue to drive market share expansion in our key business segments. Margins in the Restaurant business are improving as a result of our cost efficiencies and re-branding initiatives. Discussions with more potential strategic partners are on-going and we are on track towards deploying our full franchise model in 2012. On the whole, the outlook for the Group remains positive and we expect to meet our growth targets for the full year. ”

The company’s shares remained dormant a N 29 on the market today, neither appreciating or depreciating.