uacn Property Development Company Plc has announced a turnover of N 13.33 billion for the year ended December, 31 2008. The figure was a marked improvement when compared with the N 5.68 billion recorded in the corresponding period of 2007.

These figures where contained in the weekly report released by the Nigerian Stock Exchange at the weekend.

The company's Profit After Tax stood at N 3.55 billion against what was posted in 2007 which stood at N 425.3 million.

Based on the profitable performance of the company, the Board of Directors of the company said that it would be recommending a dividend of N 0.75 per unit for the shareholders whose names appeared in the company's registers at the closure of register on April 20, 2009, while payment of dividend which is expected to be approved by the shareholders at the Annual General Meeting scheduled to hold in Lagos on May 12, 2009, has been slated for May 12, 2009.

uacn Property Development Company ( UPDC ) Plc offers and develops Homes. Residential and Commercial properties for sale, Lease and rent a subsidiary of UAC Nigeria Plc listed under the Real Estate sub-sector has retained huge investors' interest over the years and recently has grown its business to meet up with the Federal Governments agenda of ensuring provision of decent and affordable housing for every Nigerian.

The Company's shares which traded at N 18.50 pulled a turnover of 86.310 million shares valued at N 1.54 million transacted by investors in 16 deals. However, for the week that ended April 17 th 2009, the company which is standing alone in the sector pulled a turnover of 277.89 million shares valued at N 4.66 million exchange d by investors in 35 deals.

The real estate development company has a high of N 27.75 this year and a low of N 14.00 per share and paid a dividend of 49 kobo to its shareholders for the 2007 financial year which was effected on 13 th May 2008. Earning per share stood at N 2.69 while Per Earning (PE) Ratio is 6.60.

Mr. Ola Kayode Market analyst, who spoke to Daily Champion on the prospects of the company said that wise investors have been taking advantage of the current low price of the company's shares presently to buy more of the shares which has promises of better returns on investment.

“As you can see, if there is any place to have returns on investments, it is the real estate sector. uacn Property Development is a Company that has great potential for price appreciation because even at the peak of N 27.75 , it still remain under-priced,” he said.

Culled from Daily Champion of Monday, 20th April, 2009