UPDC records N578.37 million loss in three months as poor financial run continues in Q3

UPDC Plc continued its poor financial run in Q3 2021 as its loss for the period rose by 22.3 percent, while profit dropped 71.9 percent during the same quarter compared to corresponding quarter.

The company’s financial problem was traced to its cost of doing business, as it gulped N268.83 million from the N298.68 million generated as revenue in Q3.

This is a significant setback in its quest to exit the impact of COVID-19 and lockdown on its turnover, as UPDC had reported cost of sales accounted for N5.49 million in Q3 2020, while its revenue at the time was N111.71 million.

Read also: UPDC among top gainers as market cap rises by 0.12%

The management’s inability to curb rising cost caused grossed profit to decline by 71.9 percent between July to September, as it recorded N29.84 million in 2021, against the N106.21 million profit reported during the same period last year.

UPDC’s poor financial performance was highly reflected in the loss for the period, as Ripples Nigeria gathered from the Q3 financial statements that it lost N578.37 million in three months.

This surpassed the N472.81 million loss UPDC recorded after Nigeria began to ease the lockdown induced by the coronavirus outbreak in Q1 2020.

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