{"id":14293,"date":"2017-06-15T12:53:40","date_gmt":"2017-06-15T11:53:40","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=14293"},"modified":"2017-06-15T12:53:40","modified_gmt":"2017-06-15T11:53:40","slug":"uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/","title":{"rendered":"UACN Records  N5.6bn Profit, Plans N15.4bn Capital Injection"},"content":{"rendered":"<p>UAC of Nigeria Plc has recorded a profit after tax of N5.6 billion for the year ended December 31, 2016, just as the company plans\u00a0\u00a0to bolster its operations with a capital injection of N15.4 billion through a Rights Issue. The Chairman of UACN, Mr. Dan Agbor, disclosed this yesterday at the company\u2019s annual general meeting (AGM) in Lagos.<\/p>\n<p>According to him, \u201cYou will recall that in the chairman\u2019s statement that I made at the AGM last year, and which formed part of the 2015 annual report, I informed you that the board had taken a decision to discontinue the one for 12 Rights Issue that was approved at the 2015 AGM, due to the prevailing market conditions.\u00a0\u00a0I also informed you that the board and management would undertake the required investment in, and financial restructuring of, your company\u2019s subsidiaries using internally generated funds.\u201d<\/p>\n<p>\u201cI am pleased to inform you that the rights issue of Portland Paints has been concluded while the rights Issues of Livestock Feeds and UACN Property Development Company (UPDC) are at various stages of execution, due to delayed regulatory approvals.\u00a0\u00a0Grand Cereals also plans to raise equity by way of a rights issue that your company also intends to subscribe for,\u201d he added.<\/p>\n<p>Agbor noted that the\u00a0board has identified an urgent need to bolster the company\u2019s capital position, saying \u201cthis will ensure that your company is able to subscribe for these Rights Issues and provide its subsidiaries with working capital support in a timely manner, so that the subsidiaries can quickly respond to challenges and take advantage of emerging opportunities.\u201d<\/p>\n<p>Speaking on the company\u2019s performance for 2016 financial year, the chairman said\u00a0despite the daunting challenges posed by the operating environment, UACN was able to deliver a mixed to good result\u00a0\u00a0through cost optimisation initiatives, innovation in key categories and extensive retail market expansion.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>He said the company recorded revenue of N84.607 billion in 2016, an increase of 15 per cent from the N73.771 billion in 2015, while\u00a0\u00a0profit after tax rose 10 per cent from N5.162 billion to N5.666 billion.<\/p>\n<p>Based on the improved performance, the directors recommended a dividend of 100 kobo per share.<\/p>\n<p>The chairman said\u00a0in 2017, the company would focus on\u00a0consolidating the initiatives that we started in 2016, support growth and working capital through equity calls, unlock value through the realisation of under-performing assets and restructure the route to market architecture across the group.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>UAC of Nigeria Plc has recorded a profit after tax of N5.6 billion for the year ended December 31, 2016, just as the company plans\u00a0\u00a0to bolster its operations with a capital injection of N15.4 billion through a Rights Issue. The Chairman of UACN, Mr. Dan Agbor, disclosed this yesterday at the company\u2019s annual general meeting &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":11,"featured_media":14294,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[2017],"coauthors":[2392,2393],"class_list":["post-14293","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-uacn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UACN Records N5.6bn Profit, Plans N15.4bn Capital Injection - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UACN Records N5.6bn Profit, Plans N15.4bn Capital Injection - National Wire\" \/>\n<meta property=\"og:description\" content=\"UAC of Nigeria Plc has recorded a profit after tax of N5.6 billion for the year ended December 31, 2016, just as the company plans\u00a0\u00a0to bolster its operations with a capital injection of N15.4 billion through a Rights Issue. The Chairman of UACN, Mr. Dan Agbor, disclosed this yesterday at the company\u2019s annual general meeting &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-15T11:53:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/uac.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"696\" \/>\n\t<meta property=\"og:image:height\" content=\"464\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dayo Emmanuel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/uac.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/uac.jpg\",\"width\":696,\"height\":464},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/\",\"name\":\"UACN Records N5.6bn Profit, Plans N15.4bn Capital Injection - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#primaryimage\"},\"datePublished\":\"2017-06-15T11:53:40+00:00\",\"dateModified\":\"2017-06-15T11:53:40+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UACN Records N5.6bn Profit, Plans N15.4bn Capital Injection\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\",\"name\":\"Dayo Emmanuel\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UACN Records N5.6bn Profit, Plans N15.4bn Capital Injection - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/","og_locale":"en_US","og_type":"article","og_title":"UACN Records N5.6bn Profit, Plans N15.4bn Capital Injection - National Wire","og_description":"UAC of Nigeria Plc has recorded a profit after tax of N5.6 billion for the year ended December 31, 2016, just as the company plans\u00a0\u00a0to bolster its operations with a capital injection of N15.4 billion through a Rights Issue. The Chairman of UACN, Mr. Dan Agbor, disclosed this yesterday at the company\u2019s annual general meeting &hellip;","og_url":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/","og_site_name":"National Wire","article_published_time":"2017-06-15T11:53:40+00:00","og_image":[{"width":696,"height":464,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/uac.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Dayo Emmanuel","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/uac.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/uac.jpg","width":696,"height":464},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/","name":"UACN Records N5.6bn Profit, Plans N15.4bn Capital Injection - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#primaryimage"},"datePublished":"2017-06-15T11:53:40+00:00","dateModified":"2017-06-15T11:53:40+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/uacn-records-n5-6bn-profit-plans-n15-4bn-capital-injection\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"UACN Records N5.6bn Profit, Plans N15.4bn Capital Injection"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f","name":"Dayo Emmanuel","url":"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/14293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=14293"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/14293\/revisions"}],"predecessor-version":[{"id":14295,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/14293\/revisions\/14295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/14294"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=14293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=14293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=14293"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=14293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}