United Capital Declares N5.3bn Gross Earnings In Q1

United Capital Plc has posted gross earnings of N5.34 billion in its first quarter (Q1) financial results for the period ended March 31, 2023.

The company, in its audited Q1 results released on the Nigerian Exchange Limited, revealed it has successfully navigated tough financial market conditions in Q1, 2023 to deliver decent top and bottom-line earnings growth as captured in its results.

The gross earnings grew by 27 per cent to N5.34 billion in Q1 2023, compared to N4.21 billion in Q1 2022.

Net Operating Income rose by 39 per cent year-on-year to N4.94 billion in Q1 as against N3.55 billion in Q1 2022, while operating expenses increased to 62 per cent from N1.64 billion in Q1 2022 to N2.66 billion in Q1 2023.

The company recorded profit before tax of N2.82 billion in Q1 2023, compared to N2.69 billion in Q1 2022, a five per cent growth year-on-year, while profit after tax up by six per cent to N2.44 billion in Q1 2023 from N2.31 billion in Q1 2022. While earnings per share grew to N1.63, higher than N1.54 achieved in Q1, 2022

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On the company financial position, total assets stood at N727.55 billion, compared to N601.92 billion as at full year 2022, a 21 per cent year-to-date growth, while  shareholders fund amounted to N26.71 billion in Q1, 2023, a 19 per cent year-to-date decrease relative to full year 2022’s value at N32.99 billion.

Speaking on the Group’s performance, the Group chief executive officer of United Capital, Mr. Peter Ashade said: 

“our business diversification strategy which we have pursued concertedly since 2019, and prudent risk management practice is yielding desired results in line with our long- term vision, sustaining our earnings growth, protecting investors’ assets, and strengthening our business model to withstand macroeconomic shocks in the harsh operating environment which continues to present a challenge for policymakers globally.”

He added that, “our business outlook and projections for the year remains positive and we are laser-focused on creating new business opportunities, improving our value propositions to meet our clients’ needs, and capturing optimal economic value to deliver decent returns to shareholders.”