United Capital Posts N9.06bn Pre-Tax Profit, Proposes 90 Kobo Interim Dividend

United Capital Plc has posted N9.06 billion profit before tax in its unaudited results for the period ended June 30, 2024.

The company approved the first ever interim dividend of 90 kobo per share and a bonus share of two for one ordinary share.

These were contained in the company’s results released on the Nigerian Exchange Limited (NGX). Profit before tax grew by 63 per cent from N5.54 billion in H1, 2023 to N9.06 billion in 5.54 in 2024. Profit after tax amounted to N7.74 billion in H1, 2024, compared to N4.69 billion in H1, 2023, an increase of 65 per cent, while earnings per share up by 65 per cent to N2.58, compared to N1.56 in H1, 2023.

Gross earnings stood at N15.15 billion in H1 2024, a growth of 38 per cent when compared to N11.01 billion reported in H1 2023. Operating expenses for the period stood at N6.67 billion in H1 2024, compared to N5.75 billion in H1 2023.

The company’s total assets stood at N1.19 trillion as of June 30, 2024, about 27 per cent increase from N931.95 billion as at December 2023, while shareholders fund hit N120.34 billion, a growth of 33 per cent from N90.71 billion as at December 2023.

Speaking on the Group’s performance, the group chief executive officer, Peter Ashade said: “I am pleased to inform all stakeholders that United Capital Plc closed the first half of the year on a strong note as evident in our impressive earnings growth and performance across key financial parameters.”

He said: “For the first time ever, we declared an interim dividend payment of N0.90 for every 50 kobo ordinary share, and Bonus Shares of ‘2 for 1’. This affirms our commitment to wealth creation and superior value delivery to our shareholders.

“We are assured about sustaining our performance in 2024 having kicked off the second half of the year 2024 in a robust financial position with close to N1.3 trillion funds under management comprising trusts, mutual funds, and other professionally managed investments for our clients across diverse segments.”

Ashade added that, “the group is strongly positioned to deliver on our growth objectives while remaining competitive and sustainably profitable. We will continue to prioritise activities that create and preserve value for all our stakeholders into the foreseeable future.”