Tag: UPDC Plc

UPDC Plc reports a loss of N1.18 billion in 9M 2021.

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UPDC Plc released its unaudited financial results for the nine months period ended 30th of September, 2021.

  • Revenue for the period was N614.74 million. (+34.1% YoY)
  • Cost of sales stood at N529.4 million. (+111.3% YoY)
  • Administrative expenses totalled N565.3 million. (-6.3% YoY)
  • An operating loss of N512.04 million was incurred during the period.
  • Total assets stood at N21.15 billion during the period under review.
  • Loss for the period was N1.18 billion
  • Loss per share of -6 kobo Vs -34 kobo YoY.

See link to results.

UPDC Plc risks suspension over default on NGX’s free float requirements

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Trading in the securities of UACN Property Development Company (UPDC) risks been suspended on the platform of the Nigerian Exchange Limited (NGX) due to the inability of the company to comply with the Free Float Rules of The Exchange.

According to a notice sent to the NGX today, the company fell below the free float requirements of 20% of issued share capital or N20 billion free float for companies listed on the Exchange’s Main Board, due to its recent Mandatory Take Over (MTO) by Custodian Investment Plc.

Recall that Custodian Investment Plc had obtained regulatory clearance to take over UPDC Plc, following the acquisition of a 51% majority stake in the latter, translating to about 34,415,332 units of ordinary shares, purchased at 90 kobo each.

Sequel to the acquisition, UPDC fell below the free float requirements for listed stocks at the NGX. This prompted a series of consultations between the firm and the NGX Regulation Limited (NGX RegCo).

Consequently, a unanimous decision to grant the company a two (2) year grace period till 10th of August, 2023, in order to comply with NGX’s free float requirements was reached. However, the Exchange warned that it might suspend further trading in the company’s securities if compliance with the free float rules is not achieved within the two (2) years grace period.

In addition, the company in conjunction with the majority shareholder reiterated its commitment to achieving the free float requirement within the grace period.

UPDC Plc closed trading today 20th of August, 2021 with a share price of N1.32.

 

 

 

UPDC reports loss of N603.3 million in HY 2021.

Chidi Emenike Leave a comment

UACN Property Development Company Plc (UPDC) released its unaudited financial statements for the period ended 30th of June, 2021.

  • Revenue for the period was N316.1 million. (-8.8% YoY)
  • Cost of sales was N260.53 million. (+6.3% YoY)
  • An operating loss of N88.7 million was incurred during the period.
  • Administrative expenses totalled N423.85 million. (+29.4% YoY)
  • Loss for the period was N603.3 million
  • Loss per share of -3kobo Vs -50kobo YoY.
  • Total assets for the period stood at N22.04 billion

See link to results.

 

UACN Property Development Company Plc appoints Ojo Odunayo as new CEO.

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The Board of Directors of UACN Property Development Company Plc has announced the appointment of Mr Ojo, Odunayo Abiodun as the new Chief Executive Officer of the company effective from 3rd of May, 2021.

This is according to a disclosure signed by the company’s secretary, Folake Kalaro and sent to the Nigerian Exchange Group Plc (NGX Group).

Profile

Mr Ojo is a consummate real estate professional with a wealth of experience in property development, asset management, private equity and advisory services. Prior to his recent appointment, Mr Ojo had held various leadership positions including but not limited to, CEO of Alaro City, Vice President of Ocean and Oil Holdings among others.

Mr Ojo is an alumnus of the University of Lagos where he obtained a Bachelor’s degree and an MBA in Estate Management. He is a member of the Royal Institution of Chartered Surveyors (RICS), The Nigerian Institution of Estate Surveyors and Valuers (NIESV) and a Registered Surveyor and Valuer (RSV).

What you should know:

  • UACN Property Development Company (UPDC) Plc is an indigenous real estate and property development firm. It acquires, develops, sells, leases, and manages choice residential and commercial real estate.

See link to the recent announcement.