United Capital reports 49% increase in revenue to N26.90bn, declares N1.50 dividend

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Setting the tone for the financials declaration period, United Capital Plc has maintained its multi-year success streak, as evidenced in its recently-announced audited financial statements for the year ended December 31, 2022

In spite of economic oscillations, the company recorded impressive margins, with its Gross Earnings growing by 49per cent year-on-year to N26.90 billion.

It also declared profit before tax rising by 13per cent year-on-year to N13.50 billion as total assets grew by 33 per cent year-on-year to N601.92 billion.

Shareholders’ Funds increased by eight per cent year-on-year to N32.99 billion.

As a show of confidence to shareholders, the company has proposed to maintain a dividend of N1.50 for every 50 kobo ordinary share.

Commenting on the performance, the Group Chief Executive Officer, Mr. Peter Ashade, in a statement said: “We navigated a tough terrain to sustain our earnings growth and deliver decent returns to shareholders while strengthening our organisational resilience to factors militating against business growth especially in emerging economies during the year 2022.

“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 49per cent growth in revenue to N26.90billion which helped offset increased operating expenses resulting from very high inflation and severely impacted macroeconomic environment which we anticipated in Q4-2022.

“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 prioritise activities that create and preserve value for all our stakeholders into the foreseeable future.”

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