UAC of Nigeria Plc (NGX: UACN) has declared a 22 kobo dividend per ordinary share of 50 kobo each for the 2022 financial year ended 31st December, 2022.
The dividend declaration which is subject to the appropriate withholding tax and approval of shareholders at the Annual General Meeting was stated in a corporate action announcement by the company.
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The 22 kobo dividend is a significant drop from the 65 kobo dividend declared and paid for the 2021 financial year. The qualification date for the dividend has been set at June 6, 2023.
UACN share price at the end of trading on Friday stood at N9.55, the dividend yield therefore stands at 2.3%, without the deduction of withholding tax.
On June 22, 2023, cash dividends will be paid electronically to shareholders whose names appear on the Register of Members as at close of business on June 6, 2023, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Form – Africa Prudential, which is available on our Registrar’s website www.africaprudential.com, complete and submit to the Registrar or their respective Banks.
Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrars.
The Company’s Annual General Meeting will be held at Festival Hotel, Diamond Estate, Amuwo Odofin, Lagos, Nigeria on June 21, 2023, at 10.00am.
UACN reported a 7.8% revenue growth from N101.37bn reported in 2021 to N109.27bn. However, the company posted a loss of N3.99bn, a reversal from the N2.58bn profit after tax it reported in 2021.
The company attributed the loss to the poor performance in its Animal Feeds and Other Edibles businesses, as well as increased operating expenses across all businesses, particularly power and distribution costs.
In 2021, the holding company recognized a one-off dividend as well as a fair value gain post unbundling the UPDC REIT (totalling ₦569mn) which it stated impacted year on year comparison.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur