UPDC PLC has announced a remarkable 509% increase in profit after tax for the year ended December 31, 2024. The company's financial performance was driven by a 123% surge in revenue, which reached N11.93 billion, up from N5.34 billion in the previous year.
Key Point: UPDC PLC's profit after tax increased by 509% to N1.35 billion in 2024, driven by significant growth in revenue and operational efficiency improvements.
The company's gross profit more than doubled to N4.28 billion, representing a 125% growth, while operating profit rose by 198% to N1.68 billion. UPDC PLC's finance income also increased notably, reaching N538.18 million, up from N239.53 million in 2023.
Despite increases in costs, including cost of sales, selling and distribution expenses, and administrative expenses, the company's financial performance demonstrates significant improvements in operational efficiency and revenue growth.
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