United Capital doubles income, proposes 70k dividend



Pan-African financial and services group, United Capital Plc has announced its audited results for the full year ended December 31, , recording double-digit growth across all its major income lines.

Despite the pandemic and the resultant challenging operating environment, the institution leveraged on increased efficiency to deliver an impressive 61 per cent year-on-year growth in profit before tax to N7.95 billion compared with N4.95 billion at the end of 2019; while profit after tax stood at N7.81 billion, showing an increase of 57 per cent above the N4.97 billion it closed in 2019.

United Capital also recorded a 50 percent year-on-year growth in gross earnings to close at N12.87 billion in December , compared to N8.59 billion recorded in the similar period of 2019.

On account of a significant 54 per cent increase in in financial assets, United capital’s total assets also rose by 48 per cent to N224.75 billion in the period under review, compared to N150.46 billion recorded at the end of the 2019 financial year; while shareholders’ grew to N24.43 billion rising by 25 per cent from 19.59 billion a year earlier.

On the back of the strong performance, the Directors of United Capital have proposed a dividend of 70k per share, amounting to a total of N4.2 billion dividend to be paid upon ratification by shareholders at its forthcoming AGM. The 70k dividend per share, which is higher than the 50k per share declared in 2019, is payable to shareholders whose names appear on the Register of Members at the close of on March 5, 2021.

The Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, expressed delight on the performance, which according to him is cheering news despite the that most companies faced in the year .

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