United Capital Plc has maintained its multi-year success streak as evidenced in its recently announced Audited Financial Statements for the fiscal year ended December 31, 2022.
In spite of economic challenges, United Capital Plc recorded impressive margins, with its Gross Earnings rising by 49percent year-on-year (YoY) to N26.90 billion, and profit before tax (PBT) rising by 13percent year-on-year to N13.50 billion.
The company also recorded 33percent year-on-year growth in Total Assets to the tune of N601.92 billion while Shareholders’ Funds increased by 8percent year-on-year to N32.99billion.
As a show of confidence to shareholders, the company proposed maintaining a dividend of N1.50 for every 50 kobo ordinary share.
Commenting on the Group’s remarkable performance, Peter Ashade, Group Chief Executive Officer, United Capital Plc said “During the year 2022, we navigated a difficult terrain to sustain our earnings growth and deliver decent returns to shareholders while strengthening our organisational resilience to factors militating against business growth, particularly in emerging economies.
Read also: Comercio Partners advises investors to focus on profitable industries
“Our operating environment despite the undulating landscape continues to present windows of opportunities for all our businesses in the locations we operate. This is accentuated by the 49percent growth in revenue to N26.90 billion which helped offset increased operating expenses resulting from very high inflation and severely impacted macroeconomic environment which we anticipated in fourth quarter (Q4) 2022”.
He said, “We remain upbeat about sustaining our performance in 2023 having kicked off the year in a robust financial position with close to N1trillion funds under management comprising trusts, mutual funds, and other professionally managed investments for our clients across diverse segments.
The Group is better positioned to deliver on our growth objectives while remaining competitive and sustainably profitable. We will continue to prioritize activities that create and preserve value for all our stakeholders into the foreseeable future.”
For United Capital Plc, the fiscal year under review also marked the beginning of a new corporate strategy cycle poised to propel the company to new heights – a strategy that has already begun to yield results, as evidenced by its financial performance, pan-African footprints, expansion into global markets, and strategic partnership with two leading Swiss investment banks. The company was also recognized by Financial Times as one of Africa’s Fastest Growing Companies and received the 2022 Sectorial Leadership Award (Financial Services – Other Financial institutions) at the 2022 Pearl Awards.
United Capital is already on an accelerated path to success in the new year. The Central Bank of Nigeria has granted the company a microfinance banking license, allowing it to expand its business activities (and potential earnings) even further.
United Capital Plc remains a leader in the financial and investment services space, offering a robust suite of service offerings: Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, and Consumer Finance. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.
The group is listed on the Nigerian Exchange Limited (NGX) and is at the forefront of becoming the financial and investment role model across Africa by leveraging on innovation, technology, and specialist skills to exceed client expectations, while creating more value for all stakeholders.
