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UPDC PLC DECLARES N385 MILLION DIVIDEND
May 16, 2007

The UACN Property Development Company Plc ( UPDC Plc ) has declared a dividend of N385 million.

Announcing the declared dividend at the company's ninth Annual General Meeting (AGM) in Abuja, the company's Chairman, Lieutenant General Mohammed Wushishi, said the company had an impressive performance in 2006, despite the challenges in the operating environment.

The company's turnover increased by 21% to N5.5 billion in 2006, while the Profit Before tax (PBT) rose by 36% from N1 billion in 2005 to N1.3 billion in 2006.

Consequently, the shareholders at the meeting approved the payment of N385 million dividends, which translated into 35 kobo per dividends, which translated into 35 kobo per dividend.

Operationally, he said, the company remained strategically focused on the Lagos, Port Harcourt and Abuja markets, stating that plans to deepen the market were going forward.

On the business environment, the Chairman said the economy showed signs of improvement in 2006 compared with the previous year.

Gross Domestic Product, he said, grew at an average rate of 5.63 % as against 6.51% in 2006.

Culled from Nigerian Tribune
Gbola Subair, Abuja Correspondent