United Capital Grew Profit By 13% To N13.50bn, Pays N9bn Dividend
United Capital Plc has announced a remarkable financial performance for it’s full year 2022, with a 13 per cent year-on-year increase in Profit Before Tax to N13.50 billion, a 49 per cent year-on-year increase in Gross Earnings to N26.90 billion, and a 33 per cent year-on-year increase in Total Asset to N601.92 billion.
The board which held its Annual General Meeting on Monday, March 27, 2023, at Transcorp Hilton Hotel, Abuja, a dual celebration of somewhat as it also marked the company’s 10th year as a listed company on the Nigerian Exchange, declared of a N9 billion dividend payout to shareholders.
The dividend of N1.50 for every 50 kobo ordinary share, has excited the shareholders.
Providing context for the financial performance, Prof. Chika Mordi, Chairman of the Board of United Capital Plc, said; “Despite the macroeconomic pressures of 2022, United Capital Plc reported an outstanding financial performance.
” The Group’s Return on Average
Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions, signifying solid growth in the overall profitability of the Group and its subsidiary businesses.” Reassuring shareholders, he added,
“We are confident in our ability to deliver consistent superior returns as we have put in place appropriate strategies to respond to possible scenarios that the year 2023 could throw at us.”
In addition to its outstanding financial performance, United Capital Plc’s subsidiaries individually recorded significant milestones during the year. The Investment Bank acted as Joint Issuing House to Dangote Industries Limited (DIL) $1 billion bond issuance, the largest bond issuance in the Nigerian Debt Capital Market by a corporate entity. Its Asset Management subsidiary won the award for the Fastest Growing Investment Management Company in Nigeria at the 2022 International Finance Awards and remains among the top three fund managers in Nigeria. TheTrustees business cemented its industry leadership as the number one Trustee business in Nigeria in terms of Funds under Management (FUM) and its Consumer Finance business disbursed over 130,000 loans totalling N21 billion.
Speaking on the company’s outlook for the 2023 financial year, Mr. Peter Ashade, Group Chief Executive Officer said; “This year marks our 10th year as a publicly quoted company on the Nigerian Exchange and I am delighted to affirm that it has been a decade of excellence and progress for both the organisation and its shareholders. This year, business sustainability, innovation, digitalization, and increasing global competition for talent are megatrends that will define how we operate given our long-term business objectives and goals. We will continue to position the organization as a globally reputable financial institution with the best team of professionals creating solutions and unique experiences for our clients and delivering superior value to all stakeholders while fostering social development and promoting financial inclusion across the geo-political zones that we operate.”
United Capital Plc has already put plans in motion to expand its commercial operations. The financial service company recently received a microfinance banking license from the Central Bank of Nigeria (CBN) in an effort to foster financial inclusion by offering diverse market segments access to loans, investments and capital raising solutions. It has also expanded its footprints globally, securing a strategic partnership with two leading Swiss investment banks
