Livestock Feeds’ profit soars as revenue hits N11.18bn

Livestock Feeds Plc saw its profit after tax increase by more than fourfold to N503.19 million last year from N106.35 million in 2019.

The company’s profit before tax for the 2020 financial year rose to N546.07 million from N112.63 million a year earlier, according to its financial statements released on Tuesday.

Its revenue increased to N11.18 billion last year from N9.96 billion in 2019.

The company said its directors did not recommend the payment of any dividend in respect of the year ended Dec. 31, 2020, adding that the profit for the year had been transferred to retained earnings.

Livestock Feeds is engaged principally in the manufacturing and marketing of animal feeds and concentrates.