Following the release of its remarkable audited financial results for
\n2020, foremost Pan-African financial services conglomerate, United
\nCapital Plc, held its Annual General Meeting on Tuesday, March 23, 2021
\nat Lagoon Restaurant, Victoria Island, Lagos.<\/p>\n
At the Annual General Meeting, which was held by proxy due to the
\nCOVID-19 pandemic, the Company presented its financial performance for
\n2020 which shows a recorded revenue of N12.87Billion, N7.95Billion in
\nProfit Before Tax and earnings per share of 130 Kobo. Shareholders in
\nattendance commended the company for its transparency in the published
\nfinancial statements, and its adherence to legal and ethical
\nrequirements as corroborated by the company’s auditors who were also
\npresent.<\/p>\n
The Chairman of the Board of Directors, Mr. Chika Mordi, in his
\nstatement to shareholders noted that “Despite the macroeconomic
\npressure, United Capital Plc reported an outstanding financial
\nperformance in 2020. Total revenue was up 50% year on year to
\nN12.87billion in 2020, from N8.59 billion earned in 2019. Profit Before
\nTax grew to N7.95billion in 2020, up 61% from N4.95billion in 2019,
\nsignifying solid growth in the overall profitability of the Group. The
\nGroup’s Return on Average Equity for the 2020 financial year stood at
\n35%, one of the highest among listed financial services institutions,
\nhighlighting strong value creation for our shareholders”.<\/p>\n
A pivotal moment at the Meeting was the shareholders’ approval to pay a
\ndividend of 70 kobo per share, totaling N4.2billion. The shareholders
\nalso approved the appointment of two new Independent Non-Executive
\nDirectors; Mr. Titus Oladipupo Fatokun and Hajiya Sutura Aisha Bello as
\nDirectors of the Company.<\/p>\n
Speaking to the Company’s outlook for the 2021 financial year, the Group
\nCEO, Mr. Peter Ashade stated “Our financial performance, in what was a
\nyear of protracted disruptions, is a testament of our unwavering
\ncommitment to our clients’ needs, come what may. For us at United
\nCapital, we are optimistic about the year 2021 as it presents greater
\nopportunities for innovation, growth, and expansion beyond our current
\necosystem”.<\/p>\n
In addition to its outstanding financial performance, United Capital Plc
\nalso recorded landmark achievements during the year. The company’s
\ncorporate ratings improved from BBB+ to A- with a stable short-term and
\nlong-term outlook reflective of an investment grade institution. Its
\nflagship digital platform, InvestNow, recorded over N1billion in
\nprocessed investors assets with its newly commissioned consumer finance
\nbusiness line disbursing 64,536 instant loans valued at N3.14billion,
\nleveraging a 100% digital model.<\/p>\n
Major contributors to the company’s overall performance are its
\nsubsidiary businesses \u2013 Investment Banking, Asset Management, Securities
\nand Trustees. This was highlighted in the company’s emergence as top 3
\nlargest Fund Manager from 10th position in 2019 with its Mutual Fund
\nAssets Under Management exceeding N162billion at the end of 2020 from
\nN39billion as at year-end 2019. The Company also served as the lead
\nissuing house and trustee on various high-profile public and private
\nsecurities issuances with a total value exceeding N400 billion in 2020
\namong others.<\/p>\n
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…<\/p>\n","protected":false},"author":1,"featured_media":79295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-79297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"\n