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UPDC
On this page
Company details
- Legal name
- UPDC Plc
- Listing
- UPDC on the Nigerian Exchange, active · ISIN NGUACPROP006 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · audited financial statements, signed / final · source
Read with these figures
- Auditor's emphasis of matter. No emphasis of matter. The auditor reports contraventions of SEC and NGX Regulation requirements for late submission of the 2024 annual financial statements, with penalties disclosed in note 32 (p22).
Full wording and sources
Auditor's emphasis of matter
No emphasis of matter. The auditor reports contraventions of SEC and NGX Regulation requirements for late submission of the 2024 annual financial statements, with penalties disclosed in note 32 (p22).
Source: UPDC Plc Audited Financial Statements for the year ended 31 December 2025 (dated 2026-03-31)
-
Revenue
NGN 12.9 billion
12,908,015 NGN thousands · p23
+9.5% vs 2024
-
Operating profit / (loss)
NGN 1.38 billion
1,378,058 NGN thousands · p23
+20.2% vs 2024
-
Profit / (loss) for the year
NGN 2.02 billion
2,018,334 NGN thousands · p23
+141.2% vs 2024
-
Total assets
NGN 30.0 billion
29,989,374 NGN thousands · p24
−3.2% vs 2024
-
Total equity
NGN 11.5 billion
11,451,569 NGN thousands · p24
+20.7% vs 2024
-
Cash from operations
−NGN 1.45 billion
(1,453,469) NGN thousands · p25
−117.7% vs 2024
Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — audited financial statements, signed / final; reported for the year · source
- FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Revenue | 12,908,015 | 11,786,913 |
| Cost of sales | (9,286,078) | (8,388,112) |
| Gross profit | 3,621,937 | 3,398,801 |
| Selling and distribution expenses | (230,305) | (550,067) |
| Administrative expenses | (2,369,600) | (1,972,420) |
| Other Operating income | 605,500 | 434,071 |
| Credit loss expenses | (241,513) | (163,604) |
| Share of loss from joint venture1 | (7,959) | –2 |
| Operating profit/(loss) | 1,378,058 | 1,146,780 |
| Finance income | 2,328,997 | 559,973 |
| Finance cost | (461,659) | (397,834) |
| Net finance income3 | 1,867,338 | 162,139 |
| Profit /(loss) before taxation | 3,245,396 | 1,308,919 |
| Taxation | (1,227,062) | (472,010) |
| Profit/(loss) after Taxation | 2,018,334 | 836,909 |
| Net changes in fair value (loss)/gain on financial assets4 | 133,281 | (186,779) |
| Total comprehensive profit/(loss) for the year | 2,151,615 | 650,130 |
| Non controlling interest5 | 1,043,718 | 404,719 |
- Printed “-”, read as nil: subtotal_arithmetic: is.operating_profit.
Notes and alternative reported figures (4)
- “Share of loss from joint venture”: mapping to a shared definition is uncertain. Share of loss of a joint venture, printed within operating profit.
- “Net finance income” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: finance income less finance cost.
- “Net changes in fair value (loss)/gain on financial assets” is an issuer-specific line, not mapped to a shared definition: OCI not reclassified (note 16).
- “Non controlling interest” is an issuer-specific line, not mapped to a shared definition: Profit attributable to non-controlling interest.
Balance sheet
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Property, plant and equipment | 8,450,096 | 8,252,734 |
| Intangible assets | 74,679 | 56,303 |
| Investments in joint ventures1 | 112,182 | 120,141 |
| Equity instrument at fair value | 920,553 | 667,067 |
| Investments in subsidiaries2 | –3 | –3 |
| Non-current assets (unlabelled subtotal) | 9,557,509 | 9,096,245 |
| Inventories | 3,219,099 | 8,729,999 |
| Trade and other receivables | 6,687,775 | 1,509,966 |
| Current tax assets | 327,127 | 147,200 |
| Cash and cash equivalents | 10,197,862 | 11,504,698 |
| Current assets (unlabelled subtotal) | 20,431,863 | 21,891,863 |
| Total assets | 29,989,374 | 30,988,108 |
| Share capital | 9,279,985 | 9,279,985 |
| Share premium | 8,971,551 | 8,971,551 |
| Fair value reserve of financial assets at FVOCI | 233,341 | 100,060 |
| Retained earnings | (8,359,868) | (9,148,885) |
| Equity attributable to equity holders of the Company | 10,125,009 | 9,202,711 |
| Non controlling interest | 1,326,560 | 282,842 |
| Total equity | 11,451,569 | 9,485,553 |
| Interest bearing Loans and Borrowings | 2,015,168 | 3,022,763 |
| Deferred taxation liabilities | 207,144 | 83,354 |
| Non-current liabilities (unlabelled subtotal) | 2,222,312 | 3,106,117 |
| Trade and other payables | 14,965,201 | 17,788,961 |
| Current income tax liabilities | 1,271,255 | 490,889 |
| Interest bearing Loans and Borrowings | 79,038 | 116,587 |
| Total liabilities | 18,537,806 | 21,502,554 |
| Total equity and liabilities | 29,989,374 | 30,988,108 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
Notes and alternative reported figures (2)
- “Investments in joint ventures” is an issuer-specific line, not mapped to a shared definition: Note 15.
- “Investments in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 17; nil in the Group columns.
Cash flow
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Operating cash flow before working-capital changes (unlabelled subtotal)1 | 1,660,240 | 1,390,548 |
| Decrease/(increase) in inventories2 | 5,510,900 | (5,529,841) |
| (Increase)/decrease in trade and other receivables3 | (5,357,736) | 528,015 |
| (Decrease)/increase in trade and other payables4 | (2,823,760) | 11,973,197 |
| Cash flow from operating activities | (1,010,356) | 8,361,919 |
| Tax paid | (443,112) | (137,789) |
| Net cash (outflow)/inflow from operating activities | (1,453,469) | 8,224,130 |
| Purchase of property, plant & equipment | (514,220) | (227,114) |
| Purchase of intangible asset | (27,044) | (10,736) |
| Dividend received5 | 62,678 | 59,264 |
| Investment in subsidiary6 | –7 | –7 |
| Interest received | 2,328,997 | 559,973 |
| Net cash flow from investing activities | 1,850,412 | 381,387 |
| Repayment of borrowings | (1,007,606) | (1,679,333) |
| Addition to borrowing | –8 | –8 |
| Interest paid | (499,196) | (351,972) |
| Dividend paid | (185,600) | Not reported in this filing9 |
| Net cash (outflows)/inflow from financing activities | (1,692,402) | (2,031,305) |
| Net increase in cash and cash equivalents | (1,295,458) | 6,574,210 |
| Effect of foreign exchange gains | (11,376) | 12,479 |
| Cash and cash equivalents at the beginning of the year | 11,504,698 | 4,918,009 |
| Cash and cash equivalents for the year | 10,197,862 | 11,504,698 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (7)
- “Operating cash flow before working-capital changes (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Printed unlabelled subtotal: profit before tax plus the non-cash adjustments.
- “Decrease/(increase) in inventories” is an issuer-specific line, not mapped to a shared definition: Working-capital change (note 18).
- “(Increase)/decrease in trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Working-capital change (note 19).
- “(Decrease)/increase in trade and other payables” is an issuer-specific line, not mapped to a shared definition: Working-capital change (note 22).
- “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 6).
- “Investment in subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 17); nil in the Group columns.
- Not reported in this filing: The line 'Dividend paid' carries a 2025 amount (185 600) only; the group 2024 column is blank (p25). Checked on the page image (the company 2024 column prints '-', the group 2024 cell is empty).
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2025 | Dividends paid (cash flow statement) | Dividend paid |
(185,600) | NGN thousands | Audited financial statements, p25 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
-
UPDC Plc Audited Financial Statements for the year ended 31 December 2025
Year ended 31 December 2025 · Audited financial statements · signed / final
Audit: Deloitte & Touche, unmodified opinion · signed
Auditor's sign-off: Faturoti Ayonike, FCA, FRC/2022/PRO/ICAN/004/611525 (engagement partner), for Deloitte & Touche
Final status: Independent auditor's report to the shareholders of UPDC Plc (opinion PDF p17) signed (handwritten) for Deloitte & Touche, Lagos (engagement partner Faturoti Ayonike, FCA, FRC/2022/PRO/ICAN/004/611525), dated 31 March 2026, with the ICAN seal (PDF p22, page image). Statements approved by the board on 26 March 2026 and signed (handwritten) by the chairman, the chief executive officer and the chief financial officer (PDF p24, page image).
- Document date
- 31 Mar 2026
- Auditor's report
- 31 Mar 2026
- Board approval
- 26 Mar 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · NGN thousands (printed “N'000”)
- 'Total profit' for 2024 is printed 836 908 against profit after taxation 836 909 (p23); the attribution total is not transcribed.
- Printed totals differ from their printed components by 1-2 thousand (rounding): total assets 29 989 374 against 29 989 372 (p24); 2025 closing cash and the 2024 net increase in cash (p25).
- Amounts are printed with thousands separated by spaces; the text layer splits many cells' digit groups by kerning ('1 1 786 913'), so the statement pages are read from OCR of the renders; OCR misgroupings are corrected from the render (fixes recorded as read).
- No other-comprehensive-income total is printed; the single OCI line runs to total comprehensive income (p23). The current-liabilities subtotal (16 315 494; 2024: 18 396 437, p24) is not transcribed because OCR misgroups a cell of its preceding row; it is a gap.
- Earnings per share is printed in kobo, basic and diluted identical (11; 2024: 5, p23); stored in naira (÷100) with the printed figure and unit kept.
Technical details
- File
- 69 pages, with a text layer
- SHA-256
140ce9bd7a208a2bd65ea32cc54e4bfda25bd453e4069c194fd92f9b4d18f55b- Entity as printed
- UPDC Plc and its subsidiaries (the Group and Company)
- Exchange copy
- retrieved 2026-10-08T18:00:35Z
Data notes
- Cost of sales — OCR read '(9286 078)'; the page image shows '(9 286 078)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p23)
- Credit loss expenses — OCR read '(163604)'; the page image shows '(163 604)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p23)
- Share of loss from joint venture — OCR read '(7959)'; the page image shows '(7 959)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p23)
- Investments in joint ventures — OCR read '112182'; the page image shows '112 182'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p24)
- Investments in joint ventures — OCR read '120141'; the page image shows '120 141'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p24)
- Non-current assets (unlabelled subtotal) — OCR read '9557 509'; the page image shows '9 557 509'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p24)
- Non-current assets (unlabelled subtotal) — OCR read '9 096245'; the page image shows '9 096 245'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p24)
- Retained earnings — OCR read '(9148 885)'; the page image shows '(9 148 885)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p24)
- Current income tax liabilities — OCR read '1271255'; the page image shows '1 271 255'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p24)
- Interest bearing Loans and Borrowings — OCR read '116587'; the page image shows '116 587'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p24)
- Cash flow from operating activities — OCR read '(1010356)'; the page image shows '(1 010 356)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
- Tax paid — OCR read '(443112)'; the page image shows '(443 112)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
- Net cash (outflow)/inflow from operating activities — OCR read '(1453 469)'; the page image shows '(1 453 469)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
- Repayment of borrowings — OCR read '(1679 333)'; the page image shows '(1 679 333)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
- Interest paid — OCR read '(351972)'; the page image shows '(351 972)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
- Dividend paid — OCR read '(185600)'; the page image shows '(185 600)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
- Net increase in cash and cash equivalents — OCR read '(1295 458)'; the page image shows '(1 295 458)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
- Net increase in cash and cash equivalents — OCR read '6574210'; the page image shows '6 574 210'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
- Effect of foreign exchange gains — OCR read '(11376)'; the page image shows '(11 376)'. OCR misgroups the digits of this cell; the page render prints it as the space-grouped amount recorded (UPDC Plc Audited Financial Statements for the year ended 31 December 2025, p25)
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text and compared cell by cell with the page image; read from the page image) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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