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UACN Property declares loss for the fourth straight year, posts N16.3bn loss in 2019

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UACN Property declares loss for the fourth straight year, posts N16.3bn loss in 2019

UACN Property Development Company PLC has reported a total loss of N16.257 billion for Full Year 2019, making it the fourth year in a row the real estate company would record loss.

The loss-running firm, which has been reording a consistent rise in its loss since 2016, posted a loss of N1.550 billion that year, N2.948 billion in 2017 and N15.057 billion in 2018.

Its FY2019 figure represents an 8% growth in the figure it declared in the corresponding period of 2018.

The full details of the firm’s performance in the period under review are published in its Unaudited Financial Statements for the Year Ended 31 December 2019, posted on the Nigerian Stock Exchange (NSE) website yesterday.

Revenue declined to N2.128 billion at FY2019 from N2.303 billion at the same period of 2018, representing an 8% fall.

Read also: Union Bank to sell UK subsidiary

Loss Before Taxation soared from N9.215 billion at FY2018 to N16.521 billion at FY2019, representing a 79.3% increase.

Loss for the Period rose marginally by 8%, moving from 15.057 billion recorded at FY 2018 to N16.257 billion posted at FY2019.

Loss Per Share stood at N6.26 at FY2019 up from N5.79 as of FY2018, signalling an 8.1% plunge.

UACN Property, a subsidiary of the conglomerate United African Company of Nigeria (UACN), currently has outstanding shares of 2,598,395,791 with a market capitalisation of N2,468,476.45.

UACN property trades on the floor of the NSE at N0.95 per share.

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