United Capital Plc, a pan-African conglomerate of financial services, has revealed that its earnings before tax for the 2022 fiscal year increased by 13% year-on-year to N13.50 billion.
According to a statement from the organization, the sum was disclosed by the company’s Board of Directors at the 10th Annual General Meeting (AGM) held on Monday (27 March 2023) in Abuja.
A 33% year-on-year growth in total assets to N601.92 billion and a 49% increase in gross earnings to N26.90 billion were also reported, according to the statement.
For every 50k of its owners’ ordinary shares, the board, according to the statement, declared a dividend of N1.50.
Shareholders would get a total dividend for the reviewed year of nine billion naira, the statement claims.
Notwithstanding the macroeconomic difficulties of 2022, the company recorded an exceptional financial performance, according to a statement from Prof. Chika Mordi, the board’s chairman.
”The group’s Return on Average Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions.
”This signifies solid growth in the overall profitability of the group and its subsidiary businesses.
”We are confident in our ability to deliver consistent superior returns as we have put in place appropriate strategies to respond to possible scenarios that the year 2023 could throw at us,” Mordi said.
The statement said that subsidiaries of the individually recorded significant milestones during the year.
It said the Investment Bank acted as the joint issuing house to Dangote Industries Ltd. one billion dollar bond issuance, the largest bond issuance in the Nigerian debt capital market.
L-R: Sir Leo Okafor, Company Secretary, United Capital Plc; Mr Oluleke Ogunlewe, Non-executive Director, United Capital Plc; Mr Emmanuel Nnorom, Non-executive Director, United Capital Plc; Mr Peter Ashade, Group Chief Executive Officer, United Capital Plc; Prof. Chika Mordi, Chairman (Non-executive Director), United Capital Plc; Mr Sunny Anene, Deputy Group Chief Executive Officer, United Capital Plc; Sir Stephen Nwadiuko, Independent Non-executive Director, United Capital Plc; Mr Oladipupo Fatokun, Independent Non-executive Director, United Capital Plc; and Mr Sunny Iroche, Independent Non-executive Director, United Capital Plc.
According to the statement, each subsidiary of the company achieved noteworthy milestones over the year.
It claimed that the Investment Bank served as the joint issuing house for the $1 billion bond offering by Dangote Industries Ltd., the largest bond issuance on the Nigerian debt capital market.
“We will continue to position the organisation as a globally reputable financial institution with the best team of professionals creating solutions and unique experiences for our clients and delivering superior value to all stakeholders,” Ashade said.
United Capital Plc offers investment banking, asset management, trusteeship, securities trading, wealth management, and consumer finance.
With the aim to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.
Ref: NAN
