UAC Foods’ profit reduces by 39% in 2025

Published

7 months ago

March 31, 2026

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)

REA Ends 16 Years of Darkness in Two Kano Communities

Published

8 hours ago

October 25, 2026

PlateauReports

BY GABRIEL MICHEAL—The Rural Electrification Agency (REA) has again advanced its goal of deepening electricity access across the country with the commissioning of two mini-grid projects in Kano State after over sixteen years of darkness.

The agency commissioned two projects comprising a 195kWp system in Ballagaza and a 70kWp system in Marayar Rogo, located in Warawa, which will serve 2,222 households ending over sixteen years of darkness.

Speaking at the ceremony, the Managing Director of REA, Abba Aliyu, described the project as another step toward achieving the Renewed Hope Agenda’s goal of electrifying over 17 million Nigerians.

He described the project as a strong example of what public-private partnerships can achieve.

He also thanked the Kano State Governor, Abba Kabir Yusuf for identifying electricity as a key deliverable of his administration and for providing a conducive environment for the execution of the project.

“The Federal Government did not build these mini-grids and hand them over. Alfuttaim Nigeria Limited invested its own money, built them, and will own and operate them for many years. What the government did, through the DARES programme delivered by the REA with support from the World Bank, was to subsidize part of the cost to ensure the electricity is affordable for you.”

“Under DARES, Nigeria is working toward 1,350 mini-grids, and the programme has already brought new or improved electricity to more than five million Nigerians. Our country still has more people without electricity than any other nation in the world. That challenge will not be solved by a single agency or programme; it will be solved community by community, in places like Ballagaza and Marayar Rogo, when private companies are willing to invest and communities take ownership of what is built for them. The government’s job is to keep its word to both,” he said.

The Gabazawa community which is known for groundnuts, millet, sorghum, and soya, as well as its blacksmiths, weavers, and dyers, will experience advanced production, allowing groundnuts to be pressed into oil and kuli-kuli using electric machines and sold at a better price.

The mini-grid project will also serve the primary healthcare centre in the Gabazawa community, which has previously been without power.

In her remarks at the event, the Co-founder of Alfuttaim, Dr. Nabilah Sani, expressed delight at the completion of the project, noting that it will not only power homes but also boost agricultural productivity.

She thanked the Federal Government for facilitating the funding that brought the project to fruition while noting that these are just two of ten sites currently under development in Kano.

She further urged residents of the community to protect the infrastructure as their own and shun vandalism.

The post REA Ends 16 Years of Darkness in Two Kano Communities appeared first on Business Today NG.

Business

CBN grants JP Morgan approval-in-principle to set up merchant bank

Published

16 hours ago

October 24, 2026

PlateauReports

The Central Bank of Nigeria (CBN) has granted approval-in-principle to JP Morgan to set up a merchant in the country.

The move eases the path for the US largest bank to expand its services – payments, lending, trade finance and corporate banking – in Nigeria, where it has operated a representative office for years.

JP Morgan Merchant Bank Nigeria Limited plans to run wholesale banking, capital markets and advisory services, Michael Akuka, the CBN’s director of corporate communications and investor relations, said in a statement on Friday.

The approval-in-principle is the first phase of the licensing process, and does not translate into an ultimate banking permit.

JP Morgan needs to clear further regulatory hurdles such as incorporation with the Corporate Affairs Commission and operational approvals before it can commence operations, the regulator stated.

The push comes amidst hordes of banking sector reforms in Africa’s most populous country, aimed at bolstering the financial system, enhancing market confidence and boosting resilience.

According to the statement, the CBN also approved the nomination of Adedapo Olagunju as the managing director of the bank and Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors.

“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” said CBN Governor Olayemi Cardoso.

READ ALSO: CBN outlines market infrastructure supporting Nigeria–China financial flows at Beijing investor forum

“We are encouraged by the growing interest of international financial institutions in Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of our markets and creating an environment in which both domestic and international institutions can participate and thrive,” he added.

On Tuesday, Bloomberg, citing sources with knowledge of the deal, reported that JP Morgan was on course to secure a banking licence in the country after depositing N50 billion ($38 million) with the CBN.

It noted that the bank hopes to receive the licence by year-end or in early 2027, provided it is able to obtain all the requisite approvals

P Morgan’s presence in Nigeria dates back to 1961, when Chase Manhattan Bank, which later evolved into JP Morgan Chase & Co., opened a branch in Lagos, providing a wide range of commercial banking services to local businesses and individuals.

A year earlier, Chase International Investment Corporation, a unit of Chase Manhattan Bank, served as the lead partner in organising Nigerian Textile Mills in Lagos, regarded as the first major private industrial project with an American interest in Nigeria.