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United Capital Reports N9.06bn Profit, to Pay N0.90 Interim Dividend
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Kayode Tokede
United Capital Plc has released its unaudited result and accounts for half year (H1) ended June 30, 2024 with N9.06 billion profit after tax, about 63 per cent increase from N5.54 billion reported in half year ended June 30, 2023.
The company on the Nigerian Exchange Limited (NGX), yesterday in its profit & loss figures declared N7.74billion profit after tax, representing an increase of 65 per cent as against N4.69 billion declared in H1 2023.
Gross earnings stood at N15.15billion in H1 2024, a growth of 38 per cent when compared to N11.01 billion reported in H1 2023, and it is majorly driven by 72 per cent growth in Fee and Commission income, 183 per cent increase in net trading income and 75 per cent rise in other income.
For the first time, the company is rewarding shareholders with an interim dividend of N0.90 for every 50 kobo ordinary share, and Bonus Shares of “2 for 1”
United Capital annualized Earnings Per Share stood at 258 kobo in H1 2024, compared to 156 kobo in H1 2023 (65per cent growth year-on-year).
Statement of financial position of United Capital showed that its total assets stood at N1.19 trillion as of June 30, 2024, about 27 per cent increase from N931.95billion as at December 2023.
Total liabilities closed June 2024 at N1.07 trillion, an increase of 27 per cent when compared to N841.23 billion as at December 2023, while shareholders fund hits N120.34 billion, a growth of 33 per cent from N90.71 billion as at December 2023.
The Group Chief Executive Officer, United Capital, Mr. Peter Ashade, in a statement 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.
“For the first time ever, we declared 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 N1.3trillion funds under management comprising trusts, mutual funds, and other professionally managed investments for our clients across diverse segments.
“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.”