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United African Company of Nigeria (UACN) troubled business outing which resulted in a weaker earnings debut in the first quarter has prompted a downgrade. In an equity report, WSTC Securities downgraded the companyâs earnings per share to 94 kobo from 98 kobo, having factor pressure in the paints segment into its estimates.
The company faced an input material conundrum for the Paint segment which resulted in increased input costs and then a slide in profit performance. Of which, UACNâs paints segment appears very material to the group earnings performance due to size and contribution to the group.