Real estate firm, UPDC, posts N605.92m annual loss

UACN Property Development Company Plc, a Nigerian real estate firm, has reported a loss of N605.92 million for the 2020 financial year, down from N15.88 billion in 2019.

The company’s audited financial statements showed that its loss before tax reduced to N262.69 million in 2020 from N16.19 billion a year ago.

Its revenue fell to N1.66 billion last year from N2.16 billion in 2019.

“The directors do not recommend the declaration of any dividend to the shareholders in view of the performance of the company,” UPDC said.

After a sale of 51 percent stake last year, UPDC became a subsidiary of Custodian Investment Plc and an associate of UAC of Nigeria Plc on Nov. 17, 2020.