United African Company (UAC) said it raised prices of its product by an average of 100 per cent because of inflation and to boost the firm’s profit margin.
The Group Managing Director of United of UAC, Fola Aiyesimoju said the upward review was based on average 75 per cent to 100 per cent.
The GMD disclosed these during an investor call organised to review the firm’s financial performance in the first half of 2024.
UAC brands include Gala Sausage Roll, Gala Chin Chin, Kingsway Pastry Roll, Funtime Coconut Chips, Funtime Groundnut Chips, SWAN Natural Spring Water, and Supreme Ice Cream.
He said, “The short answer across the board as you know we have so many products across different categories would be between 75 per cent to 100 per cent on average but it varies quite meaningfully the way you go about it say this product has increased by 75 per cent to 100 per cent.”
UAC Nigeria reported a profit before tax of N15bn for the first half of 2024, which is a 373 per cent surge from the increase the N3.16bn recorded in the corresponding period of 2023.
Between January to June, the firm declared a record revenue of N83.3bn, representing a 57.5 per cent year-on-year.
In the first half of last year, UAC posted N52.9bn revenue. Further breakdown of the firms performance shows that the manufacturer posted a revenue of N42.7bn.
The amount is a surge of 51 per cent compared to the N28.3bn, which the firm generated in the second quarter of 2023.