UAC posts pre-tax loss of N4.37 bn in 2022
UAC Nigeria Plc posted a loss before tax of N4.37 billion in the full year from a profit before tax of N4.12 billion in 2021, according to the company’s audited consolidated and separate financial statement for the period year ended 2022 released recently.
This is against the backdrop of excruciating business environment including increasing inflation which the economy continues to battle. The latest report released by the Nigerian Bureau of Statistics (NBS) has revealed that the inflation rate in Nigeria soared to a staggering 21.91% in February.
This marks a substantial increase from the inflation rate of 21.82% recorded in the previous month of January.
The report showed that the February 2023 headline inflation rate increased by 0.09% points compared to the January 2023 headline inflation rate.
The company reported revenue of N109.27 billion, an 8% growth from N101.38 billion in 2021.
During the period under review, the company’s cost of sales increased by 13.34% o stand at N95.03 billion against N83.84 billion in the same period of 2021 as inflation deepens.
