BreakingNews 1/4/16 - No Dividend for UPDC Shareholders as Profit Plunged 88%

[ Masterweb Reports: Tayo Adeleke reports ] - Shareholders of UAC Property Development Company (UPDC) Plc are on the receiving side for the inability of the company’s management to deliver good performance during the financial year ended December 31, 2015.


The shareholders will not get any return on their investment because the company’s net profit dropped to a record low of 88 percent from N3.60billion about 15.3million US dollar in 2014 to 2.12million US dollar in 2015.


Revenue also decreased by 56 percent from N11.70billion in the preceding financial year to N5.12 billion.


While shareholders had N859.38billion to share from profit in 2014, they will only have to jaw-jaw at the annual general meeting without anything to show for their investments in the company for the review financial year.


*Photo Caption - A UPDC property

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