United Nigeria Textiles Plc among Quoted Company of the Year 2004 list

21 Oct '05

1 min read

Nigerian Stock Exchange (NSE) has adjudged United Nigeria Textiles Plc was outstanding company from the Textiles sector.

It featured among 15 other companies that have distinguished themselves in the 2004 financial year.

Oando plc took the top honors as the Quoted Company of the Year, which were followed by Juli Plc from Emerging Markets; PZ from Conglomerates sector; Longman in Printing & Publishing, while Insurance produces Royal Exchange Assurance Plc. Okomu Oil clinched the award in Agriculture/Agro-Allied sector, as Banking and Investment have joint winners: First Bank of Nigeria and Guaranty Trust Bank.

Glaxo SmithKline Consumer Plc, (Healthcare/Chemical & Paint); Vitafoam Nigeria Plc (Industrial & Domestic Products); Guinness Nigeria Plc (Breweries) and R T Briscoe (Automobile and Tyre) were the other honored companies.

Operating for the past 38 years, this multi-million-Naira company, Kaduna-based United Nigeria Textile plc makes multi-coloured fabrics, wax and prints, which are hugely popular in Nigeria, particularly during festivities.

Companies like United have been fighting cheap smuggled foreign textiles that have flooded local markets of Nigeria.

The award for the company speaks in great measure of the capability of the local textile industry that has seen shrinking from its peak with 175 operators to currently about 59 remaining in active pursuit.

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