UAC Turnover Up 44%

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UAC - the parent company of leading Nigerian convenience foods company UAC Foods - has reported a 44% year-on-year (y-o-y) increase in its FY08 turnover to NGN53.48bn (US$362.6mn). UAC also holds assets in the dairy and bottled water industries and in FY07, its food and beverage business contributed close to 70% of its turnover. While the company has yet to disclose the contribution its food and beverage business made in FY08, BMI believes it is likely to have moved above 70%. We highlight that UAC is among a band of leading companies including Nestlé Nigeria and Cadbury Nigeria that are