UACN shareholders approve N1.8b dividend, business plans
The shareholders of UAC of Nigeria Plc has approved a dividend plan of N1.86 billion, translating to 64.58 kobo per share due to every investor of the firm for the 2017 financial year.The shareholders, however, were assured that the board would tackle the causes of the declining performance and implement initiatives to drive future growth and profitability in the current financial year.
The Chairman of the company, Dan Agbor, while reviewing the company’s performance during the 2017 yearly general meeting of the company in Lagos, last week, explained that the group’s revenue grew from N82.6 billion in 2016 to N89.1 billion, representing eight per cent increase in the period under review.
Abgor unveiled plans to implement initiatives that would help restore the firm on the path of consistent growth trajectory and drive future profitability, saying the company would now focus more on capital allocation and portfolio composition, human capital, operating company strategy and reinforcing culture of accountability.Furthermore, he said the decision to wind up Warm Spring Waters Nigeria Limited was due to weak operational performance and earlier approval by shareholders.
He added that the management is currently conducting a detailed review of the business strategy to enhance value creation. On the company’s rights issue, he noted that the 960,432, 193 rights floated during the period under review recorded 104.5 per cent subscription level, reflecting shareholders’ strong confidence in the company.
“Some of our subsidiary companies undertook successful rights issues during the financial year. You have my assurance that the proceeds of the rights issue are already being applied for the intended purposes and will ultimately improve shareholders value.“I am excited by the challenges, as well as the opportunities that lie ahead and I assure you that your board and management are well equipped to meet these challenges and take advantage of the opportunities in the Nigerian economy generally, and in our existing business more specifically,” he said.
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