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United Capital grosses N26.90 billion in 2022, declares N1.50 dividend

By Guardian Nigeria
03 March 2023   |   4:02 am
United Capital Plc has posted improved financials for the year ended December 31, 2022.

United Capital Plc. Photo: NAIRAMETRICS

United Capital Plc has posted improved financials for the year ended December 31, 2022.

A breakdown showed that the company’s gross earnings rose by 49 per cent year-on-year to N26.90 billion, while profit before tax (PBT) appreciated by 13 per cent year-on-year to N13.50 billion.

It also recorded 33 per cent year-on-year growth in total assets, amounting to N601.92 billion, even as shareholders’ funds grew by eight per cent year-on-year to N32.99 billion during the period under review.

Consequently, the firm approved a dividend of N1.50 for every 50 kobo ordinary share held by shareholders.

Speaking on the performance, Group Chief Executive Officer, Peter Ashade, observed: “During the year 2022, we navigated a difficult terrain to sustain our earnings growth and deliver decent returns to shareholders, while strengthening our organisational resilience to factors militating against business growth, particularly in emerging economies.

“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 the fourth quarter of 2022.”

“We remain upbeat about sustaining our performance in 2023, having kicked off the year in a robust financial position with close to N1 trillion funds under management, comprising trusts, mutual funds and other professionally managed investments for our clients across diverse segments.

“The group is better positioned to deliver on our growth objectives, while remaining competitive and sustainably profitable. We will continue to prioritise activities that create and preserve value for all our stakeholders into the foreseeable future.”

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