Following the release of its remarkable audited financial results for
2020, foremost Pan-African financial services conglomerate, United
Capital Plc, held its Annual General Meeting on Tuesday, March 23, 2021
at Lagoon Restaurant, Victoria Island, Lagos.
At the Annual General Meeting, which was held by proxy due to the
COVID-19 pandemic, the Company presented its financial performance for
2020 which shows a recorded revenue of N12.87Billion, N7.95Billion in
Profit Before Tax and earnings per share of 130 Kobo. Shareholders in
attendance commended the company for its transparency in the published
financial statements, and its adherence to legal and ethical
requirements as corroborated by the company’s auditors who were also
present.
The Chairman of the Board of Directors, Mr. Chika Mordi, in his
statement to shareholders noted that “Despite the macroeconomic
pressure, United Capital Plc reported an outstanding financial
performance in 2020. Total revenue was up 50% year on year to
N12.87billion in 2020, from N8.59 billion earned in 2019. Profit Before
Tax grew to N7.95billion in 2020, up 61% from N4.95billion in 2019,
signifying solid growth in the overall profitability of the Group. The
Group’s Return on Average Equity for the 2020 financial year stood at
35%, one of the highest among listed financial services institutions,
highlighting strong value creation for our shareholders”.
A pivotal moment at the Meeting was the shareholders’ approval to pay a
dividend of 70 kobo per share, totaling N4.2billion. The shareholders
also approved the appointment of two new Independent Non-Executive
Directors; Mr. Titus Oladipupo Fatokun and Hajiya Sutura Aisha Bello as
Directors of the Company.
Speaking to the Company’s outlook for the 2021 financial year, the Group
CEO, Mr. Peter Ashade stated “Our financial performance, in what was a
year of protracted disruptions, is a testament of our unwavering
commitment to our clients’ needs, come what may. For us at United
Capital, we are optimistic about the year 2021 as it presents greater
opportunities for innovation, growth, and expansion beyond our current
ecosystem”.
In addition to its outstanding financial performance, United Capital Plc
also recorded landmark achievements during the year. The company’s
corporate ratings improved from BBB+ to A- with a stable short-term and
long-term outlook reflective of an investment grade institution. Its
flagship digital platform, InvestNow, recorded over N1billion in
processed investors assets with its newly commissioned consumer finance
business line disbursing 64,536 instant loans valued at N3.14billion,
leveraging a 100% digital model.
Major contributors to the company’s overall performance are its
subsidiary businesses – Investment Banking, Asset Management, Securities
and Trustees. This was highlighted in the company’s emergence as top 3
largest Fund Manager from 10th position in 2019 with its Mutual Fund
Assets Under Management exceeding N162billion at the end of 2020 from
N39billion as at year-end 2019. The Company also served as the lead
issuing house and trustee on various high-profile public and private
securities issuances with a total value exceeding N400 billion in 2020
among others.