By Chukwuma Umeorah
United Capital Plc has reported a profit after tax (PAT) of N7.74 billion for the half year ended June 30, 2024, marking a 65 per cent increase from N4.69 billion in the corresponding period of 2023.
This strong performance has led the company to propose its first-ever interim dividend of 90 kobo per share and a bonus share issuance of two for one ordinary share.
The company’s unaudited financial report, filed on the Nigerian Exchange Limited (NGX), reveals a 63 per cent rise in profit before tax (PBT) to N9.06 billion, up from N5.54 billion in the same period last year. Earnings per share also grew by 65 per cent, reaching N2.58 compared to N1.56 in 2023.
United Capital’s gross earnings for the period increased by 38 per cent to N15.15 billion, from N11.01 billion in H1 2023. Operating expenses rose to N6.67 billion from N5.75 billion the previous year. As of June 30, 2024, total assets had reached N1.19 trillion, a 27 per cent increase from N931.95 billion at the end of 2023, while shareholders’ funds rose by 33 per cent to N120.34 billion from N90.71 billion in December 2023. The Group Chief Executive Officer, Peter Ashade, expressed satisfaction with the results: “United Capital Plc closed the first half of the year on a strong note, as evidenced by our impressive earnings growth and performance across key financial parameters.” Highlighting the company’s dedication to shareholder value, Ashade stated: “For the first time ever, we declared an interim dividend payment of N0.90 for every 50 kobo ordinary share, and bonus shares of ‘2 for 1’. This affirms our commitment to wealth creation and superior value delivery to our shareholders.”
He added, “We are assured about sustaining our performance in 2024, having kicked off the second half of the year in a robust financial position with close to N1.3 trillion funds under management comprising trusts, mutual funds, and other professionally managed investments for our clients across diverse segments.”
Reiterating the board’s commitment, Ashade emphasized that the group is well-positioned to achieve its growth objectives while maintaining competitiveness and profitability. “We will continue to prioritize activities that create and preserve value for all our stakeholders into the foreseeable future.”