United Capital Shareholders Approve N9bn Dividend Payment

Shareholders of United Capital Plc have approved a total dividend of N9 billion, culminating in N1.50 kobo due to every investor of the firm for the 2022 financial year.

The shareholders gave their approval at the company’s annual general meeting (AGM) held yesterday in Abuja. A dual celebration, the event marked the company’s 10th year as a listed company on the Nigerian Exchange, as well as the declaration of a N9 billion dividend payout to shareholders.

Speaking to shareholders, chairman of the board of United Capital, Prof. Chika Mordi said, despite the macroeconomic pressures of 2022, United Capital Plc reported an outstanding financial performance.

According to him, the Group’s Return on Average Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions, signifying solid growth in the overall profitability of the Group and its subsidiary businesses.

Reassuring shareholders, he said: “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.”

Also, the Group chief executive officer of United Capital, Mr. Peter Ashade said: “this year marks our 10th year as a publicly quoted company on the Nigerian Exchange and I am delighted to affirm that it has been a decade of excellence and progress for both the organisation and its shareholders.

“This year, business sustainability, innovation, digitalization, and increasing global competition for talent are megatrends that will define how we operate given our long-term business objectives and goals.”

Ashade added that, “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 while fostering social development and promoting financial inclusion across the geo-political zones that we operate.”

Reviewing the company’s financial performance for 2022, profit before tax grew by 13 per cent to N13.50 billion, a 49 per cent year-on-year increase in gross earnings to N26.90 billion, and a 33 per cent year-on-year increase in total asset to N601.92 billion.

United Capital said, it has already put plans in motion to expand its commercial operations.

The financial service company recently received a microfinance banking license from the Central Bank of Nigeria (CBN) in an effort to foster financial inclusion by offering diverse market segments access to loans, investments and capital raising solutions.