The UACN Property Development Company PLC (UPDC), a subsidiary of Custodian Investment PLC today reported fourth quarter and full-year 2020 results, including sequential improvement in volume trends. The company also provided an update on its strategic transformation initiatives.
GROUP PERFORMANCE AND FINANCIAL REVIEW: FY 2020
Revenue in FY 2020 declined by 23% due to a slowdown in real estate demand in the wake of the Covid-19 pandemic. The Nigerian real estate GDP contracted by -3.6%, equally evident in UPDC’s 2020 performance.
Operating Loss: The implementation of the Group’s cost optimisation strategy continues to yield positive results as operating losses declined significantly (44%) despite lower revenue in FY 2020.

Net Finance Costs for FY 2020 reduced by nearly 43% to N1.5 billion (vs N2.6 billion in FY 2019). UPDC repaid a large portion of its interest-bearing loans.
Net Cash Position for FY 2020 improved significantly from N1.3 billion in FY 2019 to N2.9 billion (134% increase).
Overall Performance: UPDC recorded a loss of N0.6 billion vs the N15.9 billion loss recorded in 2019.
Financial Results for the fourth quarter and year ended 31 December 2020 – Balance sheet deleveraging to reposition UPDC for long term growth.

0VERVIEW OF FY 2020 CORPORATE ACTIONS
SALE OF 51% STAKE
UPDC became a subsidiary of Custodian Investment PLC (with 51% stake) and an associate of UAC of Nigeria Plc on Nov. 17th 2020.

UNBUNDLING OF UPDC REIT UNITS
An initiative embarked on to maximize returns to UPDC’s shareholders by providing direct access to UPDC’s REIT dividend distributions.

RECAPITALIZATION
Strengthened capital structure following the completion of the c.N16bn rights issue, with an 80% reduction in the Company’s debt from c.N21bn to c.N6bn.

2021 OUTLOOK
Focus on core competency (property development and facility management of real estate assets) while divesting from non-core business lines is expected to drive growth in 2021 through the emphasis on the following key strategies;

PROJECT DEVELOPMENT: Execution of residential real estate projects delivered to time, cost and quality, and targeted at the middle-income market
OPERATIONAL EFFICIENCY: UPDC will continue to build on its optimization strategy to ensure an organization-wide approach towards cost savings and operational efficiency.
STRATEGIC PARTNERSHIP: UPDC will continue to foster strategic relationships and associations across the real estate value chain to maximize returns to its shareholders.
UPDC PLC is an institutional property company, founded in 1997, and listed on the NSE in 1998. UPDC has a solid track record in the acquisition, development, sale and management of a diverse mix of commercial, residential, hospitality and retail assets across Nigeria.

SOURCE:https://brandspurng.com/2021/03/03/updc-plc-posts-23-drop-in-revenue-amid-pandemic-pressure/

One of the best company to work with updc hope they can get over the loss sha which I know they will because theybhave brilliant people and good artisan working for them
PROVAST too is doing great
I see the two company been rivalry to each other sha