Unaudited Financial Statements
for the year ended
31 December 2022
UPDC PLC RC.321582
UAC House, 1-5 Odunlami Street, Lagos. info@updcplc.com |www.updcplc.com
Directors: Mr. O. Oshin (Chairman), Mr. O. Ojo (CEO), Ms. B. Fadayomi (DD), Mr. F. Aiyesimoju, Mr. K. Osilaja, Mr. A. Falade
TABLE OF CONTENT | PAGE |
Performance Highlights | 1 |
Consolidated and Separate Statement of Profit or Loss and Other | |
Comprehensive Income | 2 |
Consolidated and Separate Statement of Financial Position | 3 |
Consolidated and Separate Statement of Changes in Equity | 4 |
Consolidated and Separate Statement of Cash Flows | 5 |
Notes to the Consolidated and Separate Financial Statements | 6 |
Shareholding Structure/Free Float Status | 38 |
UPDC Plc
Financial Statements
For the year ended 31 December 2022
Performance Highlights
The Group | The Company | ||||||
31 Dec 22 | 31 Dec 21 | % | 31 Dec 22 | 31 Dec 21 | % | ||
N'000 | N'000 | Change | N'000 | N'000 | Change | ||
Revenue | 5,889,888 | 825,404 | 614 | 3,868,800 | 540,563 | 616 | |
Operating profit/(loss) | 768,169 | (897,748) | 186 | 779,649 | (7,783,416) | 110 | |
Net finance cost | (436,768) | (718,053) | 39 | (444,249) | (718,778) | 38 | |
Profit/ (loss) before taxation | 331,401 | (1,615,801) | 121 | 335,400 | (8,502,194) | 104 | |
Taxation | (132,006) | (142,969) | 8 | (29,664) | (75,717) | 61 | |
Loss from discontinued operations | - | (116,286) | 100 | - | - | ||
Profit/(loss) for the year | 199,395 | (1,875,056) | 111 | 305,736 | (8,577,911) | 104 | |
Total comprehensive profit/(loss) for the year | 5,946 | (2,015,140) | 100 | 112,287 | (8,717,995) | 101 | |
Total Equity | 8,738,951 | 8,018,068 | 9 | 968,728 | 854,502 | 13 | |
Total equity and liabilities | 18,912,990 | 19,596,232 | (3) | 10,847,569 | 10,966,480 | (1) | |
Cash and Cash equivalents | 3,079,542 | 1,878,320 | 64 | 2,530,547 | 1,329,891 | 90 | |
Basic Profit/(Loss) Per Share (Kobo) | 1 | (10) | 111 | 2 | (46) | 104 | |
NSE quotation as at December 31 (kobo) | 91 | 119 | 91 | 119 | |||
Number of shares in issue ('000) | 18,559,970 | 18,559,970 | 18,559,970 | 18,559,970 | |||
Market capitalisation as at December 31 (N'000) | 16,889,573 | 22,086,364 | 16,889,573 | 22,086,364 | |||
1
UPDC Plc
Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Income For the year ended 31 December 2022
The Group | |||||
3 months | 12 months | 3 months | 12 months | ||
ended | ended | ended | ended | ||
31 Dec 22 | 31 Dec 22 | 31 Dec 21 | 31 Dec 21 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
Revenue | 5 (i) | 3,799,902 | 5,889,888 | 210,665 | 825,404 |
Cost of sales | 7 | (2,903,907) | (4,223,183) | (155,761) | (685,126) |
Gross profit | 895,995 | 1,666,705 | 54,904 | 140,278 | |
Profit/(Loss) on disposal on investment properties | 15 | - | - | 31,020 | 284,734 |
Selling and distribution expenses | 7 | (36,358) | (80,562) | (9,907) | (46,420) |
Administrative expenses | 7 | (428,474) | (1,264,422) | (296,800) | (862,103) |
Other operating income | 6 | 92,403 | 288,150 | 217,356 | 310,762 |
Credit Loss (expenses)/reversal | 9 | 158,298 | 158,298 | (382,278) | (724,999) |
Operating profit/(loss) | 681,864 | 768,169 | (385,705) | (897,748) | |
Finance income | 8 | 19,104 | 84,664 | 4,624 | 45,654 |
Finance cost | 8 | (127,941) | (521,432) | (190,461) | (763,707) |
Net finance cost | (108,837) | (436,768) | (185,837) | (718,053) | |
Profit/ (loss) before taxation | 573,027 | 331,401 | (571,542) | (1,615,801) | |
Taxation | 10 | (83,008) | (132,006) | (48,922) | (142,969) |
Profit/(loss) from continuing operations | 490,019 | 199,395 | (620,464) | (1,758,770) | |
Discontinued operations | |||||
Loss from discontinued operations | 31 | - | - | (72,921) | (116,286) |
Profit/(loss) for the year | 490,019 | 199,395 | (693,385) | (1,875,056) | |
Other comprehensive income: | |||||
Items not to be subsequently recycled to profit or loss: | |||||
Net changes in fair value of financial assets | 17 | (13,341) | (193,450) | (153,425) | (140,084) |
Tax on other comprehensive income | - | - | - | - | |
Total comprehensive profit/(loss) for the year | 476,678 | 5,946 | (846,810) | (2,015,140) | |
Profit/ (loss) attributable to: | |||||
Equity holders of the parent | 473,215 | 163,042 | (697,155) | (1,926,111) | |
Non controlling interest | 3,463 | 36,353 | 3,770 | 51,055 | |
Total profit/(loss) | 476,678 | 199,395 | (693,385) | (1,875,056) | |
Total comprehensive profit/(loss) attributable to: | |||||
Equity holders of the parent | 473,215 | (30,407) | (850,580) | (2,066,195) | |
Non controlling interests | 3,463 | 36,353 | 3,770 | 51,055 | |
Total comprehensive profit/(loss) | 476,678 | 5,946 | (846,810) | (2,015,140) | |
Earnings per share for profit/(loss) attributable to the | |||||
equity holders of the group: | |||||
Basic Profit/(Loss) Per Share (Kobo) | |||||
From continuing operations | 12 | 3 | 1 | (5) | (9) |
From discontinued operations | 12 | - | - | - | (1) |
From profit/(loss) for the year | 3 | 1 | (5) | (10) | |
Diluted Profit/(Loss) Per Share (Kobo) | |||||
From continuing operations | 12 | 3 | 1 | (5) | (9) |
From discontinued operations | 12 | - | - | - | (1) |
From profit/(loss) for the year | 3 | 1 | (5) | (10) |
The Company
3 months | 12 months | 3 months | 12 months |
ended | ended | ended | ended |
31 Dec 22 | 31 Dec 22 | 31 Dec 21 | 31 Dec 21 |
N'000 | N'000 | N'000 | N'000 |
3,208,349 | 3,868,800 | 131,493 | 540,563 |
(2,568,794) | (2,952,935) | (133,421) | (604,918) |
639,555 | 915,865 | (1,928) | (64,355) |
- | - | 31,020 | 284,734 |
(33,382) | (69,535) | (4,968) | (39,705) |
(190,156) | (611,936) | (263,976) | (773,490) |
247,673 | 386,957 | 54,169 | 98,608 |
158,298 | 158,298 | (6,946,487) | (7,289,208) |
821,988 | 779,649 | (7,132,170) | (7,783,416) |
19,104 | 77,183 | 3,899 | 44,929 |
(127,941) | (521,432) | (190,461) | (763,707) |
(108,837) | (444,249) | (186,562) | (718,778) |
713,151 | 335,400 | (7,318,733) | (8,502,194) |
(25,665) | (29,664) | (21,706) | (75,717) |
687,486 | 305,736 | (7,340,439) | (8,577,911) |
- | - | - | |
687,486 | 305,736 | (7,340,439) | (8,577,911) |
(13,341) | (193,450) | (153,425) | (140,084) |
- | - | - | - |
674,145 | 112,287 | (7,493,864) | (8,717,995) |
674,145 | 305,736 | (7,340,439) | (8,577,911) |
- | - | - | - |
674,145 | 305,736 | (7,340,439) | (8,577,911) |
674,145 | 112,287 | (7,493,864) | (8,717,995) |
- | - | - | - |
674,145 | 112,287 | (7,493,864) | (8,717,995) |
4 | 2 | (40) | (46) |
- | - | - | - |
4 | 2 | (40) | (46) |
4 | 2 | (40) | (46) |
- | - | - | - |
4 | 2 | (40) | (46) |
2
UPDC Plc
Consolidated and Separate Statement of Financial Position
At 31 December 2022
The Group | |||
31 Dec 22 | 31 Dec 21 | ||
Notes | N'000 | N'000 | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 13 | 8,352,262 | 49,928 |
Intangible assets | 14 | 30,460 | 16,389 |
Investment properties | 15 | - | - |
Investments in joint ventures | 16 (ii) | 130,393 | 130,393 |
Equity instrument at fair value | 17 | 400,240 | 593,690 |
Investments in subsidiaries | 18 | - | - |
8,913,355 | 790,400 | ||
Current assets | |||
Inventories | 19 | 4,874,529 | 6,084,508 |
Trade and other receivables | 20 | 1,917,801 | 2,659,414 |
Current tax assets | 10 (i) | 127,762 | 96,908 |
Cash at bank and in hand | 21 | 3,079,542 | 1,878,320 |
9,999,634 | 10,719,150 | ||
Assets of disposal group classified as held for sale/distribution | 31 | - | 8,086,682 |
to owners | |||
Total assets | 18,912,990 | 19,596,232 | |
Equity | |||
Share capital | 27 | 9,279,985 | 9,279,985 |
Share premium | 27 (i) | 8,971,551 | 8,971,551 |
Fair value reserve of financial assets at FVOCI | (166,767) | 26,683 | |
Other reserves | 391,420 | 391,420 | |
Revenue reserve | (9,776,153) | (10,654,133) | |
Equity attributable to equity holders of the Company | 8,700,036 | 8,015,506 | |
Non controlling interest | 38,915 | 2,562 | |
Total equity | 8,738,951 | 8,018,068 | |
Liabilities | |||
Non-current liabilities | |||
Interest bearing Loans and Borrowings | 22 | 4,368,232 | 5,511,653 |
Deferred taxation liabilities | 26 | 72,537 | 72,537 |
4,440,769 | 5,584,190 | ||
Current liabilities | |||
Trade and other payables | 19 | 5,488,185 | 4,561,683 |
Current income tax liabilities | 10 | 146,475 | 145,784 |
Deferred revenue | 20 | 98,610 | 98,610 |
5,733,270 | 4,806,077 | ||
Liabilities of disposal group classified as held for | 31 | - | 1,187,897 |
sale/distribution to owners | |||
Total liabilities | 10,174,039 | 11,578,164 | |
Total equity and liabilities | 18,912,990 | 19,596,232 |
The Company
31 Dec 22 | 31 Dec 21 |
N'000 | N'000 |
28,744 31,402
10,970 14,315
--
129,589 129,589
400,240 593,690
1,719,716 1,719,716
2,289,258 2,488,712
3,927,220 4,468,168
1,972,783 2,582,801
127,762 96,908
2,530,547 1,329,891
8,558,311 8,477,768
--
10,847,569 10,966,480
9,279,985 9,279,985
8,971,551 8,971,551
(166,767) 26,683
391,420 391,420
(17,507,461) (17,815,137)
968,728 854,502
--
968,728 854,502
4,368,232 5,511,653
72,537 72,537
4,440,769 5,584,190
5,298,718 4,350,646
40,742 78,532
98,610 98,610
5,438,071 4,527,788
9,878,840 10,111,978
10,847,569 10,966,480
The unaudited financial statements were approved by the board of directors on 30 January 2023 and signed on its behalf by:
Wole Oshin | Odunayo Ojo | Olugbenga Fagbami | ||
Chairman | Chief Executive Officer | Financial Controller | ||
FRC/2013/CIIN/00000003054 | FRC/2016/NIESV/00000014322 | FRC/2018/ICAN/00000018050 |
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UPDC plc published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 14:33:09 UTC.