UAC Foods’ profit reduces by 39% in 2025

Published

5 months ago

March 31, 2026

Preport

UAC Foods Plc reported a 39 per cent decline in profit for the 2025 financial year to N9.91 billion, down from N16.31 billion recorded in 2024.

This is according to the company’s audited financial statements for the year ended 31 December 2025, as released to the Nigerian Exchange Ltd. on Monday.

The company’s profit before tax also fell by 36 per cent to N16.43 billion from N25.55 billion in the previous year, largely impacted by a sharp increase in finance costs.

Net finance cost stood at N15.50 billion in 2025, compared with a net finance income of N5.96 billion in 2024, representing a significant negative swing of 360 per cent.

In spite of the drop in profitability, the group recorded a strong revenue performance, with turnover rising by 73 per cent to N340.47 billion from N196.90 billion in 2024.

Operating profit grew by 51 per cent to N28.49 billion, compared with N18.87 billion recorded in the corresponding period of 2024, indicating improved efficiency in core operations.

Total equity increased by five per cent to N69.77 billion in 2025 from N66.41 billion in 2024, while total equity and liabilities surged by 279 per cent to N597.06 billion from N157.73 billion.

Cash and cash equivalents rose by 25 per cent to N50.91 billion, up from N40.59 billion in the previous year.

Earnings per share declined by 27 per cent to 362 kobo from 497 kobo in 2024.

The company’s market capitalisation rose by 189 per cent to N266.28 billion from N92.17 billion.

(NAN)

MTN Nigeria’s independent director, Kola-Oyeneyin, to exit board

Published

24 minutes ago

August 29, 2026

Preport

WhatsApp Image 2026 08 29 at 13.06.31.jpeg

MTN Nigeria Communications Plc has announced the exit of Eyitope Kola-Oyeneyin, an Independent Non-Executive Director on its board.

MTN Nigeria disclosed this in a statement released on the Nigerian Exchange Limited (NGX) and signed by Uto Ukpanah, the company’s secretary, on Friday.

The telecommunications giant noted that Mrs Kola-Oyeneyin’s exit will take effect from 31 August, although MTN did not state the reason for her exit in the regulatory filing.

She joined the company’s board in December 2024.

The company extolled Mrs Kola-Oyeneyin’s contributions to the board and wished her success in her future endeavours.

“The Board extends its appreciation to Mrs. Kola-Oyeneyin for her invaluable service and wishes her the best in her future endeavours,” the company said.

Profile

Mrs Kola-Oyeneyin is a systems change leader and transformation expert with over 20 years of global experience as a senior adviser, operating executive, and policymaker across multiple African countries.

She is the Managing Partner of Augmentum Advisory, where she advises senior leaders on growth and value creation through digital transformation, policy innovation, and large-scale programme execution.

The outgoing independent director is also experienced in digital financial services and has extensive knowledge of the financial services landscape in Sub-Saharan Africa.

In July, the federal government approved her appointment as Chairperson of the Nigerian Investment Promotion Commission (NIPC).

Mrs Kola-Oyeneyin previously served as Head of First Bank’s International Banking business and as a Partner and inaugural co-lead of McKinsey’s Payments and Fintech Practice for Eastern Europe, the Middle East and Africa.

READ ALSO: MTN warns customers against fake promo

She has worked with players across Africa’s financial services value chain and led the development of initiatives including Cashless Lagos and the Shared Agent Network Expansion Facilities (SANEF) agent banking programme, which contributed to efforts to expand financial inclusion in Nigeria.

MTN Nigeria, which began operations in the country in 2001, is one of Nigeria’s largest telecommunications providers, serving more than 92 million people across the country and operating in 19 markets in Africa.

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Business

Nigeria Records 65,000 Suspected Cholera Cases, Over 10,000 Diphtheria Cases

Published

16 hours ago

August 28, 2026

Preport

Nigeria is facing significant outbreaks of cholera and diphtheria, with more than 65,000 suspected cholera cases recorded across 35 states and about 195 Local Government Areas. More than 10,000 confirmed diphtheria cases have also been reported in 2026.

The Director-General of the Nigeria Centre for Disease Control and Prevention (NCDC), Dr. Jide Idris, disclosed the figures in Abuja while providing an update on the country’s response to both outbreaks.

The NCDC has intensified disease surveillance and deployed National Rapid Response Teams to affected states, including Borno, which has recorded the highest number of cholera cases. Teams are investigating transmission sources and assessing water, sanitation and chlorination gaps.

To control cholera, authorities are bringing treatment closer to affected communities while expanding oral rehydration points, strengthening treatment centres, improving water chlorination and conducting oral cholera vaccination in high-burden areas.

The response to diphtheria is focused on reactive vaccination, early detection and treatment, particularly in Kano, Borno and Bauchi, where cases remain concentrated. Healthcare workers have also been urged to quickly identify, report and manage suspected cases.

The NCDC stressed that federal intervention alone cannot end the outbreaks. States and Local Governments must strengthen immunisation, improve access to safe water and sanitation, repair critical infrastructure and ensure communities have adequate treatment and rapid-response services.

Although declining cholera cases and improved survival rates are encouraging, the NCDC warned against complacency. Communities are advised to use safe water, practise good hygiene, prepare food safely and seek medical attention early. Anyone with frequent watery diarrhoea should begin oral rehydration immediately and visit a health facility, while parents and caregivers should ensure children are fully vaccinated against diphtheria.

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