United Capital Proposes N10.8bn Dividend To Shareholders

United Capital Plc has proposed a dividend of N1.80 per share, amounting to a total of N10.8 billion dividend to be paid to shareholders upon approval at the company’s Annual General Meeting (AGM).

It also declared profit before tax growth of 28 per cent in its full year financial period ended December 31, 2023. The company’s audited financial results released on the Nigerian Exchange Limited revealed that pre-tax profit rose by 28 per cent to N17.30 billion in the full year 2023, compared to N13.50 billion in 2022.

Also, profit after tax increased by 18 per cent to N11.42 billion in 2023, as against N9.65 billion in 2022, while earnings per share for the period stood at N1.90 in 2023, compared to N1.61 in 2022.

Gross Earnings rose by 71 per cent to N45.90 billion in 2023, compared to N26.90 billion in 2022, while operating expenses appreciated by 113 per cent to N29.28 billion in 2023, compared to N13.72 billion in 2022.

Total Assets for the period stood at N931.95 billion, compared to N601.92 billion as at December 31, 2022, a growth of 55 per cent year-on-year, while shareholders fund amounted to N90.71 billion as at December 2023, compared to N32.99 billion as at December 31, 2022.

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Speaking on the Group’s performance, the group chief executive officer of United Capital, Peter Ashade said that the United Capital Group delivered on its promise as profit before tax grew by 28 per cent year-on-year despite the challenging macroeconomic and operating environment.

He stated that this is a reaffirmation of our commitment to drive shareholder value by leveraging our unique capabilities as a strong and well diversified financial services Group.

“United Capital gross earnings rose by 71 per cent year-on-year to N45.90 billion, profit before tax grew by 28 per cent year-on-year to N17.30 billion, profit after tax rose by 18 per cent year-on-year to N11.42 billion, shareholders’ funds increased by 175 per cent year-on-year to N90.71 billion, while total asset grew by 55 per cent year-on-year to N931.95 billion.

“As we proceed into the 2024 financial year, we remain focused on our mandate of improving stakeholder value and transforming the lives of our esteemed clients through the disciplined execution of our strategic priorities effectively designed to position United Capital as the most formidable Pan African financial services group,” Ashade explained.

United Capital Plc, listed on the Nigerian Exchange on January 17, 2013 is a Pan-African financial and investment services group, with a mission to provide bespoke and innovative value-added services to its clients. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.