United Capital plc, in its recently audited financial statement, proposed maintaining a dividend of N1.50 for every 50kobo ordinary share for the fiscal year ending December 31, 2022.
The financial institution’s gross earnings rose by 49 percent year-on-year to N26.90 billion, and profit before tax rose by 13 percent year-on-year to N13.50 billion. The company also recorded 33 percent year-on-year growth in total assets to N601.92 billion while shareholders’ funds increased by 8 percent year-on-year to N32.99 billion.
Peter Ashade, chief executive officer of United Capital, while commenting on the group’s financial performance 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.
“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 49 percent 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 Q4-2022,” Ashade said.
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He added that “We remain upbeat about sustaining our performance in 2023 has 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 prioritise activities that create and preserve value for all our stakeholders in the foreseeable future,” he said.
The firm’s CEO said, “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 which is 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 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 said in a note.
