United Capital Records N5.24bn Pre-Tax Profit In H1

United Capital Plc has declared profit before tax of N5.24 billion in the first half (H1) of the year ended June 30, 2022.

The half year financial statement of the company for the period released on the Nigerian Exchange Limited yesterday revealed that, profit before tax grew by 40 per cent year-on-year from N3.74 billion in H1, 2021 to N5.24 billion in H1, 2022.

Also, the company’s profit after tax stood at N4.44 billion in H1, 2022, compared to N3.14 billion in H1, 2021, a growth of 41 per cent, while earnings per share rose to N1.48 from N1.05.

Gross Earnings up by 33 per cent to N9.11 billion in 2022, as against N6.85 billion in 2021. Net Operating Income appreciated by 19 per cent to N8.11 billion in 2022 from N6.81 billion in 2021, while operating expenses rose by 30 per cent to N4.06 billion in 2022, compared to N3.11billion in 2021.

Also, the company’s total assets stood at N531.79 billion, compared to N453.60 billion as at December 2021, a growth of 17 per cent year-to-date growth as at June 30, 2022.

The shareholders fund for the period amounted to N26.53 billion, a 13 per cent year-to-date decrease relative to December 2021’s value at N30.55 billion, due to N9 billion dividend payout during the period under review.

Speaking on the unaudited financial results, the group chief executive officer, United Capital, Mr. Peter Ashade stated, “United Capital is in a stable growth phase amid the challenging operating terrain in 2022. We expect to navigate the undulating business landscape in the remaining half of the year towards increasing value delivery to all stakeholder.” Looking ahead, Ashade, said: “going into H2, we see vistas of emerging business opportunities within our operating environment and will be collaborating with diverse business leaders and stakeholders across critical economic sectors to deliver new solutions and grow all our businesses in line with our corporate strategy.”

He added, “our impressive H1, 2022 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2022. This uniquely positions the organization to increasing deliver shared prosperity to all stakeholders.”