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Business Finance Info & Updates

United Capital records 61% rise in profit

A pan-African financial and investment services group, United Capital Plc, has reported a 61 per cent increase in its profit before tax for year ended December 31, 2020.

In a statement on Wednesday announcing its audited results, the investment institution said despite the COVID-19 pandemic and the resultant challenging operating environment, it leveraged on increased efficiency to grow its profit before tax to N7.95bn in 2020 from N4.95bn in 2019.

It said its profit after tax stood at N7.81bn, showing an increase of 57 per cent above the N4.97bn it reported in 2019.

United Capital also recorded a 50 per cent year-on-year growth in gross earnings to close at N12.87bn in December 2020, compared to N8.59bn recorded in the similar period of 2019.

It said on account of a 54 per cent increase in investment in financial assets, its total assets also rose by 48 per cent to N224.75bn in the period under review, compared to N150.46bn recorded at the end of the 2019 financial year.

The group said shareholders’ funds grew by 25 per cent to N24.43bn from N19.59bn a year earlier.

According to the statement, the directors of United Capital have proposed a dividend of 70 kobo per share, amounting to a total of N4.2bn dividend to be paid upon ratification by shareholders at its forthcoming Annual General Meeting.

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“The 70 kobo dividend per share, which is higher than the 50 kobo 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,” it said.

The Group Chief Executive Officer, United Capital Plc, Mr Peter Ashade, expressed delight on the performance, which he described as cheering news despite the challenges that most companies faced in the year 2020.

Punch

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