UAC OF NIGERIA PLC - Tough operating environment depress earnings
​UACN reported a 15% decline in FY’15 Group revenue, reflecting the tough operating environment from the security challenges in operating regions in Northern Nigeria, lower consumer demand, soft real estate market and a negative impact on Grand Cereals’ feed volumes from the bird flu outbreak and egg glut. Only 3 out of 8 operating divisions reported revenue growth – Livestock Feeds (+13%), MDS Logistics (+1%) and CAP (+1%). Growth in Livestock Feeds was boosted by the Ikeja mill and the introduction of fish feed which management says is seeing strong demand. Group revenue fell 6% short of our N78 billion estimate (Consensus: N79 billion).
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