United Capital records N7.95bn profit, N12.87bn gross earnings
United Capital Plc, the pan-African financial and investment services group, has declared its audited results for the full year ended December 31, 2020, recording double-digit growth across all its major income lines.
The investment institution despite the COVID-19 pandemic and the resultant challenging operating environment, leveraged on increased efficiency to deliver an impressive 61 percent year-on-year growth in profit before tax to N7.95 billion compared with N4.95 billion at the end of 2019; while profit after tax stood at N7.81 billion, showing an increase of 57 percent above the N4.97 billion it closed in 2019.
United Capital also recorded a 50 percent year-on-year growth in gross earnings to close at N12.87 billion in December 2020, compared to N8.59 billion recorded in the similar period of 2019.
On account of a significant 54 percent increase in investment in financial assets, United Capital’s total assets also rose by 48 percent to N224.75 billion in the period under review, compared to N150.46 billion recorded at the end of the 2019 financial year; while shareholders’ funds grew to N24.43 billion rising by 25 percent from N19.59 billion a year earlier.
On the back of the strong performance, the directors of United Capital have proposed a dividend of 70k per share, amounting to a total of N4.2 billion dividend, to be paid upon ratification by shareholders at its forthcoming Annual General Meeting.
The 70k dividend per share, which is higher than the 50k per share declared in 2019, is payable to shareholders whose names appear on the register of members at the close of business on March 5, 2021.
Mr Peter Ashade, group chief executive officer, United Capital Plc, expressed delight on the performance, which he described as cheering news despite the challenges that most companies faced in the year 2020.
