Foremost Pan-African financial and investment services group, United
Capital Plc has announced its audited results for the full year ended
December 31, 2020, recording double-digit growth across all its major
income lines.
Despite the Covid-19 pandemic and the resultant challenging operating
environment, the investment institution leveraged on increased
efficiency to deliver an impressive 61 per cent year-on-year growth in
profit before tax to N7.95 billion compared with N4.95 billion at the
end of 2019; while profit after tax stood at N7.81 billion, showing an
increase of 57 per cent above the N4.97 billion it closed in 2019.
United Capital also recorded a 50 percent year-on-year growth in gross
earnings to close at N12.87 billion in December 2020, compared to N8.59
billion recorded in the similar period of 2019.
On account of a significant 54 per cent increase in investment in
financial assets, United capital’s total assets also rose by 48 per cent
to N224.75 billion in the period under review, compared to N150.46
billion recorded at the end of the 2019 financial year; while
shareholders’ funds grew to N24.43 billion rising by 25 per cent from
19.59 billion a year earlier.
On the back of the strong performance, the Directors of United Capital
have proposed a dividend of 70k per share, amounting to a total of N4.2
billion dividend to be paid upon ratification by shareholders at its
forthcoming AGM. The 70k dividend per share, which is higher than the
50k per share declared in 2019, is payable to shareholders whose names
appear on the Register of Members at the close of business on March 5,
2021.
The Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade,
expressed delight on the performance, which according to him is cheering
news despite the challenges that most companies faced in the year 2020.
He said, “I am pleased to inform all stakeholders that United Capital
delivered impressive returns amid the unprecedented environment worsened
by the pandemic during the 2020 financial year with remarkable
double-digit growth in Revenue, PBT and PAT and solid performance across
key business parameters.
“This empowers us to adopt a more positive outlook for the year 2021 as
we navigate the tough terrain compounded by a second wave of the
COVID-19 pandemic among other severe economic challenges,” Ashade noted.
Speaking on its plan for the 2021 financial year, Ashade said, “Despite
the tough operating environment, all stakeholder groups can be assured
of our commitment to providing best-in-class solutions to diverse client
segments and delivering superior returns to shareholders even as we work
with regulatory authorities to strengthen the broader financial system
as the domestic economy continues on the path to recovery in the year
2021.”
United Capital Plc is a leading Pan-African financial and investment
services group, with a mission to provide bespoke and innovative
value-added services to its client. The group aims to transform the
African continent by providing innovative and creative investment
banking solutions to governments, companies, and individuals