UAC of Nigeria Plc has rewarded its shareholders with bonuses and dividends at the Company's Annual General Meeting (AGM) in Lagos yesterday.
The Chairman of UAC , Senator Udoma Udo Udoma, told elated shareholders that the Company's Board has recommended the sum of Nl.6 billion to be paid out as dividend for 2009, which translates to N1.30 for every 50k share held. He also announced a bonus issue of one ordinary share for every four ordinary shares held.Senator Udoma said that despite the difficult business environment that characterised 2009, the Group recorded a Turnover of N56.5 billion, a growth of 5 per cent over 2008.
He stressed that as a result of significant increase in operating cost, Operating Profit Before tax and Non-Controlling Interest stood at N8.08 billion against N8.85 billion posted in 2008 with Profit After Tax and Non-Controlling Interest at N4.02 billion during the period under review.Acknowledging the effect of poor infrastructure on the economy, the Chairman said that prompt implementation of the Asset Management Company of Nigeria bill hold the key to the restoration of capital and loanable funds to the banking system and by extension, the revival of credit to the private sector.
He said that the improvement in crude oil prices was not only good for Nigeria's macroeconomic calculations but capable of reflating the economy due to increased earnings and subsequent increased spending by government.The Chairman pointed out that the UAC has been positioned to benefit from the positive outlook of the economy.