United Capital Records N3.59bn Profit After Tax In Q1

United Capital Plc has declared profit after tax of N3.59 billion net profit in its first quarter (Q1) unaudited financial results ended March 31, 2024.

The company, in its Q1 results released on the Nigerian Exchange (NGX), showed that profit after tax grew by 47 per cent to N3.59 billion in Q1, 2024 compared to N2.44 billion in Q1, 2023. Also, the annualised earnings per share amounted to N2.39 in Q1 2024 from N1.63 kobo in Q1 2023, a growth of 47 per cent growth year-on-year.

Gross earnings stood at N6.14 billion under the period review, higher than N5.34 billion in Q1 2023, while operating expenses declined by 15 per cent to N2.26 billion in Q1 2024, compared to N2.66 billion in Q1 2023.

Total Assets of the Company grew to N974.47 billion as against N931.95 billion as at December 2023, recording five per cent year-to-date growth, while shareholders fund rose to N108.38 billion, compared to N90.71 billion as at December 31, 2023.

Speaking on the Group’s performance, the Group chief executive officer, United Capital, Mr. Peter Ashade said: “the United Capital group delivered on its promise to create wealth, transform lives and improve shareholders value in the first quarter of the year.

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“The group delivered profit after tax of N3.59 billion, a 47 per cent year-on-year increase with a sustained year-to-date growth of 19 per cent in shareholders’ value from N90.71 billion to N108.38 billion.”

He stated that, “the healthy performance witnessed in the first quarter of the year despite the difficult operating environment reflects the strength of our business model including the effective execution of our transformative and purpose driven strategy.

“Our unique organisational structure positions us well to serve our customers in the most beneficial way thereby capturing a holistic view of our customer needs.”

Going into the remaining quarters of the year, Ashade said “we are confident that through the diligent execution of our well-thought-out strategies, we are on track to attain new heights.

“Our Stakeholders can be rest assured of our resolve to continue to deliver excellent services while staying true to our global commitment to achieve a net-zero world.”