NIGERIA – UAC Foods Limited, a leading Nigerian food and beverage company, has announced the appointment of Ayo Awosika as the General Manager, Commercial.
According to the company, with over thirteen years of expertise in Strategy, Sales, and Business Development, Ayo has showcased proficiency in various areas.
These includes Strategy Design and Implementation, Route-To-Market Design, Commercial Leadership, Distributor Operations Management, Business Transformation, P&L Management, and Manufacturing Oversight.
“His extensive experience spans across Sub-Saharan Africa, where he held significant roles in leading multinational companies within the FMCG, Beverages, and IT sectors,” the company said.
“Ayo Awosika holds a BSc in Economics and an MBA in Strategic Management from Olabisi Onabanjo University and Babcock University respectively. He is also an Associate Member of the National Institute of Marketing of Nigeria (NIMN).”
Apart from his professional achievements, Ayo is a trained Marketing and Sales Professional, a seasoned researcher, and finds joy in playing Golf and spending quality time with his family.
The leadership changes come as UAC Nigeria Plc reports a remarkable financial performance for the fiscal year 2023.
The company recorded a pre-tax profit of approximately US$9.14 million, bouncing back from a pre-tax loss of approximately US$3.17 million in 2022. The impressive financial results reveal a 9% growth in revenue, reaching approximately US$85.5 million in 2023.
The growth was fueled by increased sales across various segments, including Paints (+24%), Packaged Food and Beverages (+23%), Quick Service Restaurants (+21%), and Animal Feeds and Other Edibles (+2%).
With a gross profit of approximately US$15.7 million, the group posted a gross profit margin of 18.4%, reflecting a substantial 5.36-percentage points increase from the previous fiscal year.
The financial success in 2023 is attributed to increased revenue from sales growth and price increases, cost-saving measures in the Animal Feeds and Other Edibles segment, and profit generated from the sale of non-core property assets.
UAC Foods Limited, operating under the Packaged Foods and Beverages business segment, recorded a revenue of approximately US$20.7 million in 2023, a growth of 23.1% from the previous year.
The segment, which includes popular brands like Gala sausage roll, Supreme Ice cream, Swan Table Water, and Funtime Snacks, reported a profit before tax of approximately US$1.94 million, a significant turnaround from the approximately US$103,680 loss before tax in 2022.
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