• Thursday, June 20, 2024
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United Capital navigates tough terrain in Q1, sustains growth

United Capital navigates tough terrain in Q1, sustains growth

United Capital Plc successfully navigated tough financial market conditions in first-quarter (Q1) 2023 to deliver decent top and bottom-line earnings growth as captured in its recently released Unaudited Financial Statements (UFS) for the period ended March 31, 2023.

The Group delivered stable growth across key income lines as Gross Earnings rose 27percent year-on-year (YoY) to N5.34 billion, profit before tax (PBT) grew 5percent year-on-year to N2.82billion, while profit after tax (PAT) was up 6percent year-on-year to N2.44 billion.

While commenting on the Group’s performance, Peter Ashade, Group Chief Executive Officer said: “I am pleased to inform our stakeholders that despite the economic peculiarities associated with election years, we recorded positive growth across our top and bottom-line earnings during the first quarter, amid elevated cost of doing business and volatile financial markets globally in addition to a heated political landscape among other uncertainties in our domestic economy.”

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“Our business diversification strategy which we have pursued concertedly since 2019, and prudent risk management practice is yielding desired results in line with our long- term vision, sustaining our earnings growth, protecting investors’ assets, and strengthening our business model to withstand macroeconomic shocks in the harsh operating environment which continues to present a challenge for policymakers globally,” Ashade further said.

“Our business outlook and projections for the year remains positive and we are laser focused on creating new business opportunities, improving our value propositions to meet our clients’ needs, and capturing optimal economic value to deliver decent returns to shareholders,” he added.