UAC of Nigeria Plc says it has paid a dividend of N1.8bn to its shareholders for the 2018 financial year.
The Chairman, UAC, Mr Dan Agbor, while speaking at the company’s Annual General Meeting in Lagos, said despite the weak group performance in 2018, the company placed shareholders in high esteem and ensured that they got value for their investment.
He said, “In respect of the 2018 financial year, the board recommended a dividend of N1.84bn, which translates to a gross dividend of 64 kobo per ordinary share of 50 kobo.”
“The company is currently working on a plan to stabilise its real estate business, UACN Property Development Company, which constitutes a drain on the group’s performance.
“We are encouraged by the initiatives implemented thus far but recognise that a significant amount of work lies ahead. It is important to mention that one of the key elements of the strategic plan of the management is for the company to operate as a much simpler and leaner holding company, with the main focus being on the subsidiary companies.”
He added that the company was strengthening and empowering the management and boards of subsidiary companies to drive value creation and increasing their accountability for delivering ambitious plans.
According to him, the company is carrying out a comprehensive review of its organisational structure to ensure increased autonomy and effectiveness of operating subsidiary companies.
Agbor assured the shareholders that the company’s contributions to the industrialisation and economic, political and social development of the country in the last 140 years of existence would be sustained.
On the outlook for the business, Agbor explained that UAC had embarked on an aggressive talent acquisition drive, placing a priority on the executive management teams of its subsidiaries.
He said, “The appointment of Mr Folasope Aiyesimoju as the group managing director of the company with effect from April 1, 2019, signifies the company’s ambitions and the board’s determination to accelerate the process of change within the UAC group.”
