UPDC : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

Unaudited Financial Statements

for the period ended

30 June 2023

UPDC PLC RC.321582

UAC House, 1-5 Odunlami Street, Lagos. [e-mail] |www.updcplc.com

Directors: Mr. O. Oshin (Chairman), Mr. O. Ojo (CEO), Ms. B. Fadayomi (DD), Mr. F. Aiyesimoju, Mr. K. Osilaja, Mr. A. Falade

TABLE OF CONTENT	PAGE

Performance Highlights	1
Consolidated and Separate Statement of Profit or Loss and Other
Comprehensive Income	2
Consolidated and Separate Statement of Financial Position	3
Consolidated and Separate Statement of Changes in Equity	4
Consolidated and Separate Statement of Cash Flows	5
Notes to the Consolidated and Separate Financial Statements	6
Shareholding Structure/Free Float Status	15

UPDC Plc

Financial Statements

For the period ended 30 June 2023

Performance Highlights

	The Group			The Company
	30 Jun 23	30 Jun 22	%		30 Jun 23	30 Jun 22	%
	N'000	N'000	Change	N'000	N'000	Change
Revenue	2,149,949	1,137,502	89		251,915	552,649	(54)
Operating profit/(loss)	(1,589)	229,131	(101)		(106,489)	72,809	(246)
Net finance cost	(140,254)	(235,273)	40		(140,254)	(242,753)	42
Loss before taxation	(141,843)	(6,142)	(2,209)		(246,743)	(169,944)	(45)
Taxation	(89,362)	(37,850)	(136)		(2,052)	(3,291)	38
Loss from discontinued operations	-	(28,287)	100		-	-
Loss for the period	(231,205)	(72,279)	(220)		(248,795)	(173,235)	(44)
Total comprehensive profit/(loss) for the period	(131,145)	(205,692)	36		(148,735)	(306,648)	51
Total Equity	8,059,453	8,396,636	(4)		390,697	642,451	(39)
Total equity and liabilities	18,743,432	19,428,403	(4)		11,012,805	10,852,735	1
Cash and Cash equivalents	3,298,118	3,161,475	4		2,600,019	2,532,109	3
Basic Profit/(Loss) Per Share (Kobo)	(1)	-	(100)		(1)	(1)	-
NSE quotation as at June 30 (kobo)	120	107			120	107
Number of shares in issue ('000)	18,559,970	18,559,970			18,559,970	18,559,970
Market capitalisation as at June 30 (N'000)	22,271,964	19,859,168			22,271,964	19,859,168

1

UPDC Plc

Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Income

For the period ended 30 June 2023

			The Group				The Company
		3 months	6 months	3 months	6 months		3 months	6 months	3 months	6 months
		ended	ended	ended	ended		ended	ended	ended	ended
		30 Jun 23	30 Jun 23	30 Jun 22	30 Jun 22		30 Jun 23	30 Jun 23	30 Jun 22	30 Jun 22
	Notes	N'000	N'000	N'000	N'000		N'000	N'000	N'000	N'000
Revenue	4 (i)	1,306,827	2,149,949	356,722	1,137,502		149,633	251,915	270,219	552,649
Cost of sales	6	(917,308)	(1,365,414)	(216,677)	(703,218)		(111,573)	(182,649)	(195,161)	(299,727)
Gross profit		389,519	784,535	140,045	434,284		38,060	69,266	75,058	252,922
Selling and distribution expenses	6	(17,661)	(37,883)	(21,691)	(36,285)		(17,192)	(30,904)	(12,657)	(26,400)
Administrative expenses	6	(393,068)	(810,760)	(179,730)	(309,766)		(166,118)	(303,353)	(152,882)	(259,272)
Other operating income	5	57,227	62,519	27,560	140,898		109,775	158,502	8,093	105,559
Operating profit/(loss)		36,017	(1,589)	(33,816)	229,131		(35,475)	(106,489)	(82,388)	72,809
Finance income	7	52,322	69,601	13,055	25,613		52,322	69,601	10,504	18,133
Finance cost	7	(105,507)	(209,855)	(131,163)	(260,886)		(105,507)	(209,855)	(131,164)	(260,886)
Net finance cost		(53,185)	(140,254)	(118,108)	(235,273)		(53,185)	(140,254)	(120,660)	(242,753)
Loss before taxation		(17,168)	(141,843)	(151,924)	(6,142)		(88,660)	(246,743)	(203,048)	(169,944)
Taxation	8	(56,411)	(89,362)	(21,607)	(37,850)		(1,299)	(2,052)	(2,585)	(3,291)
Loss from continuing operations		(73,579)	(231,205)	(173,531)	(43,992)	(89,959)	(248,795)	(205,633)	(173,235)
Discontinued operations
Loss from discontinued operations		-	-	(19,559)	(28,287)			-	-	-
Loss for the period		(73,579)	(231,205)	(193,090)	(72,279)		(89,959)	(248,795)	(205,633)	(173,235)
Other comprehensive income:
Items not to be subsequently recycled to profit or loss:
Net changes in fair value of financial	14	80,048	100,060	(20,012)	(133,413)	80,048	100,060	(20,012)	(133,413)
assets
	-	-	-	-	-	-	-	-
Tax on other comprehensive income
Total comprehensive profit/(loss) for the period	6,469	(131,145)	(213,102)	(205,692)		(9,911)	(148,735)	(225,644)	(306,648)

Profit/ (loss) attributable to:

Equity holders of the parent	(83,768)	(251,965)	(211,609)	(106,470)
Non controlling interest	10,189	20,760	18,519	34,191
Total loss	(73,579)	(231,205)	(193,090)	(72,279)
Total comprehensive profit/(loss) attributable to:
Equity holders of the parent	(3,720)	(151,905)	(231,621)	(239,883)
Non controlling interests	10,189	20,760	18,519	34,191
Total comprehensive profit/(loss)	6,469	(131,145)	(213,102)	(205,692)

(9,911)	(248,795)	(205,633)	(173,235)
-	-	-	-
(9,911)	(248,795)	(205,633)	(173,235)
(9,911)	(148,735)	(225,644)	(306,648)
-	-	-	-
(9,911)	(148,735)	(225,644)	(306,648)

Earnings per share for profit/(loss) attributable to the equity holders of the group:

Basic Profit/(Loss) Per Share (Kobo)	10	-	(1)	(1)	-
From continuing operations
From discontinued operations	10	-	-	-	-
From profit/(loss) for the period		-	(1)	(1)	-
Diluted Profit/(Loss) Per Share (Kobo)	10	-	(1)	(1)	-
From continuing operations
From discontinued operations	10	-	-	-	-
From profit/(loss) for the period		-	(1)	(1)	-

-	(1)	(1)	(1)
-	-	-	-
-	(1)	(1)	(1)
-	(1)	(1)	(1)
-	-	-	-
-	(1)	(1)	(1)

The notes on pages 6 to 15 are an integral part of these consolidated financial statements.

2

UPDC Plc

Consolidated and Separate Statement of Financial Position

At 30 June 2023

		The Group
		30 Jun 23	31 Dec 22
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	11	8,479,643	8,390,160
Intangible assets	12	44,953	45,442
Investments in joint ventures	13	125,647	125,647
Equity instrument at fair value	14	500,301	400,240
Investments in subsidiaries	15	-	-
		9,150,544	8,961,489
Current assets	16	4,466,698	5,265,759
Inventories
Trade and other receivables	17	1,721,913	1,911,918
Current tax assets	9	106,160	127,762
Cash at bank and in hand	18	3,298,118	3,161,475
		9,592,888	10,466,914
Total assets		18,743,432	19,428,403
Equity		9,279,985	9,279,985
Share capital
Share premium		8,971,551	8,971,551
Fair value reserve of financial assets at FVOCI		(66,707)	(166,767)
Revenue reserve		(10,086,553)	(9,731,569)
Equity attributable to equity holders of the Company		8,098,276	8,353,200
Non controlling interest		(38,823)	43,436
Total equity		8,059,453	8,396,636
Liabilities
Non-current liabilities
Interest bearing Loans and Borrowings	19	4,702,096	4,702,096
Deferred taxation liabilities		73,016	73,016
		4,775,112	4,775,112
Current liabilities	20	5,740,205	6,041,882
Trade and other payables
Current income tax liabilities		97,937	144,048
Interest bearing Loans and Borrowings	19	70,725	70,725
		5,908,867	6,256,655
Total liabilities		10,683,979	11,031,767
Total equity and liabilities		18,743,432	19,428,403

The Company

30 Jun 23	31 Dec 22
N'000	N'000

31,491 28,744

9,397 10,970

124,843 124,843

500,301 400,240

1,616,697 1,719,716

2,282,729 2,284,513

4,110,976 3,927,220

1,915,865 1,981,131

103,218 127,762

2,600,019 2,532,109

8,730,077 8,568,222

11,012,805 10,852,735

9,279,985 9,279,985

8,971,551 8,971,551

(66,707) (166,767)

(17,794,132) (17,442,318)

390,697 642,451

--

390,697 642,451

4,702,096 4,702,096

72,537 72,537

4,774,633 4,774,633

5,767,580 5,327,596

9,168 37,330

70,725 70,725

5,847,473 5,435,651

10,622,107 10,210,284

11,012,805 10,852,735

The unaudited financial statements were approved by the board of directors on 19 July 2023 and signed on its behalf by:

Wole Oshin		Odunayo Ojo		Gbenga Fagbami
Chairman		Chief Executive Officer		Financial Controller
FRC/2013/CIIN/00000003054		FRC/2016/NIESV/00000014322		FRC/2018/ICAN/00000018050

The notes on pages 6 to 15 are an integral part of these consolidated financial statements.

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