United Capital Plc has announced its audited financial statements for the year ended December 31, 2021 with profit after 44.14 per cent to N11.26 billion compared to N7.8 billion reported in 2020.
The audited result and accounts filet at the Nigerian Exchange Limited (NGX) revealed increasing by 50 per cent to N11.92 billion as against N7.95 billion reported in 2020
Key factors that contributed to growth in profits are 40 per cent increase in gross earnings to N18.07 billion in 2021, while fee and commission income significantly gained 77.4 per cent to N6.16billion from N3.47billion in 2020.
With the impressive performance, the management of United Capital proposed 114 per cent increase in dividend to N1.50 for every 50 kobo ordinary share, amounting to a total of N9 billion.
The leading investment bank and foremost Pan-African financial services group also reported 44 per cent increase in Earnings Per Share (EPS) to 188 kobo in 2021 as against 130 kobo in 2020.
From the financial position, total assets of United Capital grew by 104 per cent year-on-year to N453.60 billion while Shareholders’ Funds rose 25 per cent year-on-year to N30.55 billion from N24.43 billion.
Comments
Speaking on the audited financial results, the Chairman of the board, Professor Chika Mordi, in a statement stated that: “We are proposing N1.50 dividend for every 50 kobo ordinary share, up 114 per cent over 70 kobo dividend paid last year. This affirms our commitment to wealth creation for our shareholders.”
Commenting on the Group’s performance, the Group Chief Executive Officer, Mr. Peter Ashade, in a statement said: “Our strong performance was driven by exponential growth in business activities across all the market segments that we serve as we successfully navigated a volatile operating environment to create best-in-class solutions for our clients.
“United Capital is on a progressive path as witnessed in our strong earnings growth, and superior value delivery to shareholders over the years, amongst other metrics that are reflective of high performing organizations.
“All stakeholders can be assured of our commitment to sustain our organizational growth trajectory well into the foreseeable future as we navigate the tough operating terrain.
“We will continue to pursue developmental activities and actively engage regulatory authorities, investors, and relevant stakeholder groups towards deepening the capital market, strengthening the broader financial system, and driving financial inclusion as a means of accelerating the economic development of our dear country and empowering its citizens.”
