Executive Summary
UAC of Nigeria Plc delivered a moderate performance for the nine months ended 30 September 2025, achieving ₦159.58 billion in revenue, up 20% YoY from ₦133.18 billion in 9M 2024. Gross profit rose to ₦39.37 billion, supported by disciplined cost management despite rising cost of sales.
Profit before tax for the period was ₦10.40 billion, down from ₦20.83 billion in 9M 2024 due to higher finance costs and reduced net finance income. Profit after tax was ₦5.38 billion, representing a modest YoY decline from prior year’s ₦13.67 billion, reflecting elevated borrowing costs and foreign exchange pressures.
Total comprehensive income increased to ₦5.99 billion, slightly higher than PAT due to other comprehensive gains from equity instruments and associates. Earnings per share stood at 179 kobo, compared with 426 kobo in 9M 2024.
Financial Highlights – Statement of Profit or Loss
₦’000 9M 2025 9M 2024 YoY Change
Revenue 159,578,048 133,182,667 +20%
Cost of Sales 120,206,078 102,443,244 +17%
Gross Profit 39,371,970 30,739,423 +28%
Selling & Distribution Expenses 10,488,503 7,746,408 +35%
Administrative Expenses 17,486,231 12,113,682 +44%
Operating Profit 13,417,065 12,295,307 +9%
Net Finance Cost 5,743,729 (7,847,360) N/A
Profit Before Tax 10,397,209 20,833,258 –50%
Profit After Tax 5,382,548 13,667,340 –61%
Total Comprehensive Income 5,995,385 13,607,160 –56%
EPS (Kobo) 179 426 –58%
Analyst Insights – Profitability:
- Revenue growth was supported by stable sales in core consumer and industrial segments.
- Operating profit improved slightly due to effective cost management.
- Net finance costs significantly impacted PAT, driven by higher borrowings and lower finance income.
- Other comprehensive gains partially offset reduced earnings, boosting total comprehensive income.
Balance Sheet Overview
₦’000 30-Sep-2025 31-Dec-2024 Change
Total Assets 148,914,487 157,725,799 –5.6%
Non-Current Assets 50,457,916 52,950,068 –4.7%
Current Assets 98,335,419 104,433,853 –5.8%
Cash & Cash Equivalents 28,430,704 40,594,214 –30%
Inventories 37,498,574 54,964,898 –32%
Total Liabilities 83,469,886 91,315,797 –8.6%
Non-Current Liabilities 20,799,182 19,352,084 +7.5%
Current Liabilities 62,670,704 71,963,713 –12.9%
Total Equity 65,444,601 66,410,002 –1.5%
Retained Earnings 48,209,020 46,846,335 +2.9%
Analyst Insights – Balance Sheet:
- Asset base slightly declined, primarily due to lower cash and inventory levels.
- Equity remains largely stable, reflecting accumulated retained earnings.
- Liabilities decreased, indicating lower short-term obligations and better liquidity management.
- Investment in associates and fair value instruments provided minor support to equity growth.
Operational Highlights
- Revenue Growth: Driven by consumer products and industrial sales segments.
- Cost Management: Higher administrative and selling expenses partly offset revenue gains.
- Financial Cost Pressure: Elevated borrowings reduced net profitability.
- Investment Gains: Equity instruments and associates contributed positively to comprehensive income.
Strengths
- Stable core revenue base across diversified sectors.
- Resilient equity base supported by retained earnings.
- Effective cost control at operational level.
Weaknesses
- Substantial decline in cash and inventory levels.
- Heavier finance costs eroding net profits.
- EPS sharply lower compared to prior year due to reduced PAT.
Outlook
UAC Nigeria Plc is expected to stabilize earnings in Q4 2025 as the company manages finance costs and recovers inventory levels. Growth in consumer staples and industrial demand will underpin revenue, while effective cost and working capital management will be key to restoring net profit margins.
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Disclaimer
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