Commenting on the performance, Group Managing Director, Fola Aiyesimoju, stated:
“FY 2020 was challenging, with operational disruptions related to COVID-19 and ENDSARS protests. I thank my colleagues across the Group for their courage, sacrifice, and dedication in navigating complexity.
We focused on executing our strategy, implementing initiatives relating to UPDC, significantly reducing leverage and increasing cash, strengthening management, and driving profitability. Operating performance for the year was negatively impacted by the aforementioned disruptions, as well as, input cost escalation. Our efforts resulted in net income of N4.3 billion in 2020.
We benefited from N1.2 billion in non-recurring gains from investments in associates, MDS Logistics Limited (“MDS Logistics”) and UACN Property Development Company PLC (“UPDC”).