By Chioma Obinagwam
Foremost investment bank and pan-African financial services group, United Capital Plc has maintained its multi-year success streak, following a 49 percent leap in its Gross Earnings as evidenced in its recently announced Audited Financial Statements for the fiscal year ended December 31, 2022.
The robust growth, Confiance News learnt from the Group Chief Executive Officer (GCEO), Mr. Peter Ashade on Monday, is not unconnected with its robust Funds Under Management close to the tune of N1 trillion.
“We remain upbeat about sustaining our performance in 2023 having kicked off the year in a robust financial position with close to N1 trillion funds under management comprising trusts, mutual funds, and other professionally managed investments for our clients across diverse segments,” he said.
The statement indicated that amid economic oscillations, United Capital Plc recorded impressive margins, with its Gross Earnings rising by 49 percent year-on-year to N26.90 billion, and Profit Before Tax (PBT) rising by 13 percent year-on-year to N13.50 billion.
Confiance News further discovered that the company recorded 33 percent year-on-year growth in Total Assets to the tune of N601.92 billion while Shareholders’ Funds increased by 8 percent year-on-year to N32.99 billion.
However, Confiance News gathered, that as a show of confidence to it’s shareholders, the company proposed maintaining a dividend of N1.50 for every 50 kobo ordinary share.
Commenting on the Group’s remarkable performance, Ashade, had this to say:
“During the year 2022, we navigated a difficult terrain to sustain our earnings growth and deliver decent returns to shareholders while strengthening our organizational resilience to factors militating against business growth, particularly in emerging economies.
“Our operating environment despite the undulating landscape continues to present windows of opportunities for all our businesses in the locations we operate. This is accentuated by the 49 percent growth in revenue to N26.90 billion which helped offset increased operating expenses resulting from very high inflation and severely impacted macroeconomic environment which we anticipated in Q4-2022.
“The Group is better positioned to deliver on our growth objectives while remaining competitive and sustainably profitable. We will continue to prioritize activities that create and preserve value for all our stakeholders into the foreseeable future.”
Ashade noted the fiscal year under review also marked the beginning of a new corporate strategy cycle poised to propel the company to new heights.
“A strategy that has already begun to yield results, as evidenced by its financial performance, pan-African footprints, expansion into global markets, and strategic partnership with two leading Swiss investment banks,” he continued.
The United Capital GCEO further revealed that the company was recognized by Financial Times as one of Africa’s Fastest Growing Companies and received the 2022 Sectorial Leadership Award (Financial Services – Other Financial institutions) at the 2022 Pearl Awards.
“United Capital is already on an accelerated path to success in the new year. The Central Bank of Nigeria (CBN) has granted the company a microfinance banking license, allowing it to expand its business activities (and potential earnings) even further,” he assured.
