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UACN's Troubled Outing in Q1 Prompts Earnings Downgrade


Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.
United African Company of Nigeria (UACN) troubled business outing which resulted in a weaker earnings debut in the first quarter has prompted a downgrade. In an equity report, WSTC Securities downgraded the company’s earnings per share to 94 kobo from 98 kobo, having factor pressure in the paints segment into its estimates.
The company faced an input material conundrum for the Paint segment which resulted in increased input costs and then a slide in profit performance. Of which, UACN’s paints segment appears very material to the group earnings performance due to size and contribution to the group. ....

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