Guardian

DESPITE the tough and challenging operating environment that characterised 2012 financial year, Livestock Feeds Plc, a subsidiary of UAC of Nigeria Plc, achieved substantial growth in its business, reflecting a 50 per cent growth in its turnover for the year.

The Chairman of the company, Larry Ettah, who disclosed this in his address to shareholders at the 49th yearly general meeting of the company, said the company’s performance improved significantly with a turnover of N5.43billion, compared with N3.62billion made in 2011.

According to the 2012 Reports and Accounts of the company made available, the company’s profit before tax rose by about 42 per cent over 2011’s figure of N152.2million to N216.2million in 2012. Profit after tax for the year under review was N139.1m, compared with the previous year’s figure of N97.8m.

Earnings per share for the company achieved a marked improvement at 11.59 kobo, representing 42 per cent leap over the 2011’s earnings of 8.16 kobo.

According to Ettah, the results generally established a growing improvement in the company’s performance and efficiencies.

He said no doubt, a lot of challenges remained to be tackled in the process of integrating the company into the larger UAC business family, however, he noted disclosed that “plans and investments in rebuilding, renovating and making improvements in infrastructure and other critical areas have already commenced.”

He said, “This is necessary to stabilize and improve the company’s operation to guarantee a sustainable future that will ensure better returns to all stakeholders.”

It will be recalled that at the 2011 AGM of the company, shareholders approved the issue of 800 million ordinary shares of 50 kobo each offered to UACN by way of special placement and the investment by UACN of up to 51 per cent of the issued share capital of the company. Ettah told the shareholders that the process for the placement had been completed and the requisite regulatory approvals obtained.