By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Real estate developer, UACN Property Development Company Monday announced a dividend of 70 kobo per share dividend and one for every four bonus issued to shareholders of the company.
UACN Prop in 2012 year end paid investors a 70 kobo dividend the same it has proposed for the 2013 audited year end. The last time the real estate firm issued bonus was in 2010 when it issued one share for every four held.
The company said closure date for register of members is 5th to 6th May, 2014 and annual general meeting (AGM) has been scheduled for June 04, 2014 at the Golden Tulip in Lagos Nigeria. UACN Prop said payment date for the 70 kobo dividend is June 05, 2014.
Analysts say the shares of UACN Prop rose to highest in almost four (4) years immediately it announced it will reward shareholders with dividend and bonus issue.
At the close of trading at the Nigerian bourse on Monday shares of the company grew 10 percent (10.19%) as it opened at N20.90 kobo and closed at N23.03 kobo.
A review of 2013 audited year end of the property developer shows that post-tax profit increased significantly by 44.7% as the company declared N3.155 billion in 2013 end compared to 2.180 billion in 2012 end.
Similarly, post-tax profit grew from N2.454 billion in 2012 end to N3.707 billion in the review period of 2013; indicating a growth of 51.1%.
However, revenue dropped from N12.039 billion in 2012 to N11.298 billion in 2013 audited year end; representing a drop of -6.2% in the review period.
