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Setting the tone for the financials declaration period, leading investment banker and pan-African financial services group, United Capital Plc has revealed that its revenue for the fiscal year ended December 2022, grew to N26.89 billion from N18.06 billion recorded in 2021.
This represents a 49 per cent increase year-on-year (y/y). According to the company’s Audited Financial Statements for the fiscal year ended December 31, 2022, profit before tax (PBT) grew by 13 per cent from N11.92 billion in previous financial year to N13.50 billion.
The company also recorded 33 per cent year-on-year growth in total assets to the tune of N601.92 billion while shareholders’ funds increased by 8 per cent year-on-year to N32.99 billion. In respect of the full year 2022, the Directors proposed that a dividend of N1.50 kobo per ordinary share of 50 kobo each (2021: 150 kobo), amounting to N9 billion (2021 – N9 billion), be paid to shareholders upon approval at the Annual General Meeting. The proposed dividend is subject to withholding tax at the appropriate tax rate and is payable to shareholders whose names appear on the Register of Members at the close of business on March 27, 2023.
Commenting on the Group’s remarkable performance, the Group Chief Executive Officer, Mr. Peter Ashade, said the company navigated a difficult terrain to sustain its earnings growth and deliver decent returns to shareholders while strengthening our organizational resilience to factors militating against business growth, particularly in emerging economies in the period under review.
“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 49 per cent growth in revenue to N26.90 billion 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”.
According to Ashade, the group is better positioned to deliver on our growth objectives while remaining competitive and sustainably profitable.
He said, “We will continue to prioritize activities that create and preserve value for all our stakeholders into the foreseeable future.”
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