United Capital Plc has announced its unaudited financial statements for the third quarter (Q3) period ended September 30, 2020.
During the period under review, the Group showed significant growth in key indicators despite the challenging global economic climate.
Total revenue in Q3 2020 soared to N7.07billion from N5.32billion in Q3 2019, an increase of 26 percent was recorded in profit before tax (PBT), and profit after tax (PAT) also grew by 26percent year-on-year.
Total Assets grew by 41percent, being well financed by a 46percent increase in liabilities and a slight increase in shareholders fund by 2.5percent.
While commenting on the group’s performance, Peter Ashade, Group CEO, United Capital Plc said, “Our operating environment remains tough amid the lingering COVID-19 situation and negative macroeconomic impacts as seen in the continued depreciation of the exchange rate, consistent uptick in headline inflation rate among other macroeconomic indicators. As stated during the release of our H1-2020 results, our business has not been immune to these challenges”.
“Notwithstanding, the Group has remained nimble. We continued to implement our business growth and continuity plans premised on a solid risk assessment framework to ensure we remained focused on providing best-in-class solutions to all client segments. These contributed to the impressive growth across our businesses leading to 33percent growth in revenue and 26 percent increase in both PBT and PAT during the nine-month period”, he added.
“In Q2, the Group successfully issued N10 billion Series 1 Bond under the N30 billion Medium-Term Debt Program – the first to be issued by an investment banking firm in Nigeria – which was oversubscribed by about 24percent. We have begun yielding the fruit of that strategic decision.”
“Going into the last quarter of the year, we are encouraged by the increasing market confidence in our brand even in the wake of the most globally devastating pandemic of the last century. We know the operating environment is turbulent, but we are committed to deliver superior returns to our shareholders, as we drive growth and profitability across all our businesses,” Ashade said.
Discussing the result further he stressed that, “In line with our initial strategy for the 2020 business year, we shall continue to push further our market diversification and cost-optimization initiatives as well as implement phased automation of our business processes whilst upholding our commitment to ensuring a significant improvement in our value delivery to all our stakeholders.”
