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UAC Property 2011 Earnings Up 31%, Rewards Shareholders with N0.65 Dividend

By on April 3, 2012

The operators of the Golden Tulip Hotel and Victoria Mall Plaza, UAC Property Development Company Plc (UPDC), has released its FYE 2011 audited financial statements. The company reported a 31% growth in headline revenue from N 8.2 billion in 2010 to N 10.75 billion at the end of last December.

The company also reported a growth of 7% in profit before tax at N 2.7 billion at the end of the last financial year.

Net income, however, dropped 12% due to a 175% increase in tax liabilities. The company’s Profit after tax was N 1.9 billion.

The company also announced a 65 kobo dividend, The qualification date is 16th of April, and the closure date is 17th to 24th of April. Payment date is scheduled at 16th of May.

The company will hold its Annual General Meeting on the 15th of May at the Golden Tulip in Festac Town.