United Capital posts N7.7b PBT as index depreciates by 0.05 per cent
United Capital Plc has recorded profit before tax (PBT) of N7.95 billion in its 2020 operations against N4.95 billion achieved in the corresponding period in 2019.
Reviewing its performance at the 2020 annual general meeting (AGM) held in Lagos on Wednesday, the Chairman of the company, Chika Mordi, said the company’s PBT increased by 61 per cent from N4.95 billion to N7.95 billion while revenue grew by 50 per cent to N12.87 billion.
She said the group’s return on average equity for the 2020 financial year stood at 35 per cent, one of the highest among listed financial services institutions, an indication of its strong value creation for shareholders.
Speaking to the company’s outlook for the 2021 financial year, the Group Chief Executive Officer, Peter Ashade, said: “Our financial performance, in what was a year of protracted disruptions, is a testament of our unwavering commitment to our clients’ needs, come what may.
They also approved the appointment of two new Independent Non-Executive Directors; Mr. Titus Oladipupo Fatokun, and Hajiya Sutura Aisha Bello as directors of the company.
The improved performance, the firm Plc also recorded landmark achievements during the year. The company’s corporate ratings improved from BBB+ to A- with a stable short-term and long-term outlook reflective of an investment-grade institution.
Meanwhile, the Nigerian equities market reversed previous gains to close on the negative side yesterday as the All-Share Index (ASI) plunged by 0.05 per cent.
The ASI went down by 17.90 absolute points, representing a decline of 0.05 per cent to close at 38,704.97 points. Also, market capitalisation value lost N9 billion to close at N20.251 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Chemical and Allied Products, Julius Berger, Nigerian Breweries, MTN Nigeria Communications and NPF Microfinance Bank.
Analysts at Afrinvest Limited said: “We expect a mix of bargain-hunting and profit-taking in the local bourse in subsequent trading sessions.”
As measured by market breadth, market sentiment turned negative, as 21 stocks lost relative to 19 gainers.
CAP and Wapic Insurance followed with a gain 10 per cent each, to close at N22.00 and 55 kobo, respectively, while NPF Microfinance Bank followed with a gain of 9.94 per cent to close at N1.77kobo.
Julius Berger up by 9.89 per cent to close at N20.55 while FTN Cocoa Processors appreciated by 9.30 per cent to close at 47 kobo.
On the other hand, Livestock Feeds led the losers’ chart by 9.52 per cent to close at N1.90 kobo.
No comments yet