UAC of Nigeria PLC reported a pre-tax revenue of N10.4 billion for the 9 months ended September 30, 2025, representing a 50.1% decline from the N20.8 billion posted in the identical interval of 2024.
On a like-for-like foundation, adjusting for one-off acquisition-related prices and FX impacts, underlying revenue earlier than tax stood at N12.2 billion, up from N10.6 billion in 2024.
For the third quarter of 2025, the corporate reported a loss earlier than tax of N703 million, a pointy distinction to the N5.9 billion revenue recorded in Q3 2024, and a decline from the N6.1 billion revenue in Q2 2025.
The outcome missed expectations as a consequence of acquisition-related fees and underperformance in key segments. The quarter additionally marked the primary time lately that UAC posted a quarterly pre-tax loss, regardless of robust section development in Paints and Packaged Meals.
Key Highlights
- Income: N159.6 billion (Up 19.8% YoY from N133.2 billion)
- Gross Revenue: N39.4 billion (Up 28.1% YoY from N30.7 billion)
- Working Revenue: N13.4 billion (Up 9.1% YoY from N12.3 billion)
- Revenue Earlier than Tax: N10.4 billion (Down 50.1% YoY from N20.8 billion)
- Revenue for the Interval: N5.4 billion (Down 60.6% YoY from N13.7 billion)
- Earnings Per Share: 179 Kobo (Down from 426 Kobo in 2024)
- Complete Belongings: N161.5 billion (Up from N157.7 billion as at December 2024)
- Complete Exterior Debt: N43.3 billion (Q3 2025; from N41.5 billion in December 2024)
- Money Steadiness: N46.8 billion (Up from N40.6 billion in December 2024)
Group MD, Fola Aiyesimoju, highlighted that the loss in Q3 was as a consequence of acquisition-related prices, increased finance fees, and the poor efficiency of the Animal Feeds section, which offset the robust features in Paints and Packaged Meals.
UAC accomplished the acquisition of a 100% fairness stake in Chivita | Hollandia (CHI Restricted) on October 3, 2025, following regulatory approval from the Federal Competitors and Shopper Safety Fee (FCCPC). The acquisition offers UAC full management of one in all Nigeria’s main juice and dairy companies and marks a big growth of its footprint within the fast-moving shopper items sector.
Whereas the corporate didn’t disclose the phrases of the deal, it recorded a N19.1 billion line merchandise underneath “deposit for funding” in its monetary statements, which is believed to be associated to the CHI Restricted acquisition.
UAC famous that preliminary accounting for the enterprise mixture had not been accomplished on the time of reporting, with full particulars anticipated within the subsequent monetary disclosure.
Driving the Numbers
Income efficiency was pushed by robust development within the Paints section (Up 27% YoY to N10.2 billion) and Packaged Meals and Drinks (Up 25% YoY to N17 billion), buoyed by quantity will increase and pricing.
- Nonetheless, the Animal Feeds and Edibles section was a serious drag, with income down 25% to N21.4 billion as a consequence of a steep drop in commodity costs, particularly maize and soya, resulting in high-cost stock and decrease market costs.
- Working bills ballooned by 56% in Q3 2025 as a consequence of N2.3 billion in one-off transaction prices associated to the C.H.I. Restricted acquisition and rising distribution, personnel, and journey bills. Finance prices surged as a consequence of increased borrowing charges and the absence of final 12 months’s FX features.
- Consequently, the corporate posted a pre-tax lack of N703 million within the quarter.
Regardless of the Q3 setback, money circulate from operations remained robust, with free money circulate at N18.5 billion and money stability rising to N46.8 billion.
The corporate’s gearing barely improved to 60% from 62%, and the short ratio strengthened to 1.0x from 0.7x. Web debt to EBITDA rose to 0.6x from 0.0x as a consequence of increased debt and decrease EBITDA in Q3.
Market Response
The market reacted negatively to the outcomes, with UAC’s share value falling 6.47% to shut at N66.5 on the day the outcomes had been introduced.
Regardless of this dip, the inventory stays top-of-the-line performers on the NGX this 12 months, up 207% year-to-date, although down from its peak of N81 in Might 2025. The corporate didn’t declare a dividend within the Q3 2025 reporting interval.
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