H1 2022: United Capital reports 41.2% increase in profit
United Capital Plc on Monday reported 41.2 per cent increase in profit after tax, according to its half year (H1) unaudited financial statement for the period ended June 30, 2022.
The company’s profit closed H1 2022 at N4.44billion from N3.14billion, driven by 33 per cent increase in revenue.
It also reported 40.2 per cent increase in profit before tax to N5.24 billion in H1 2022 from N3.74billion reported in H1 2021.
The financial and investment services group’s revenue moved to N9.11billion in H1 2022 from N6.85billion reported in H1 2021.
United Capital’s revenue for the H12022 rose to N9.1 billion after jump in earnings from fees & commission and other income, which alone enlarged by nearly 12 times the figure reported a year ago, the earnings report of the investment bank showed on Monday.
Revenue was three times bigger than the N6.9 billion per cent posted for the corresponding period of H1 2021.
United Capital, which also manages fund, realised N681.4 million as exchange gains, a key driver of growth this time around for a company that recorded no earnings from that income source in the first six months of 2021.
Its other services encompass trusteeship, security trading and wealth management.
In May, the group gained greater notability on the continent when London-based Financial Times named it among the 75 fastest growing African companies for 2022, one of the 20 from Nigeria. The list used compound annual growth in revenues between 2017 and 2020 as its principal parameter.
Speaking on the unaudited financial results, Group Chief Executive Officer, Mr. Peter Ashade said: “United Capital is in a stable growth phase amid the challenging operating terrain in 2022. We expect to navigate the undulating business landscape in the remaining half of the year towards increasing value delivery to all stakeholder.”
Looking ahead and commenting on the Group’s performance, Ashade added: “Going into H2, we see vistas of emerging business opportunities within our operating environment and will be collaborating with diverse business leaders and stakeholders across critical economic sectors to deliver new solutions and grow all our businesses in line with our corporate strategy.”
