United Capital Plc (UCAP) has reported an increase in its gross earnings for the year ended Dec. 31, 2023, rising to N45.9 billion from N29.9 billion in 2022.
Mr Shedrack Onakpoma, the Group Chief Financial Officer of UCAP, announced the results in the company’s audited financial report sent to the Nigerian Exchange Ltd. (NGX) in Lagos on Wednesday.
The figure represents an increase of 71 per cent year-on-year.
Onakpoma said that the company’s group profit before tax for the year under review increased by 28 per cent, year-on-year to N17.3 billion, from N13.5 billion posted in 2022.
He stated that the company’s profit after tax rose by 18 per cent, year-on-year to N11.42 billion, from N9.65 billion posted in the year 2022 financial year.
According to him, the firm’s total assets in 2023 grew by 55 per cent year-on-year to N931.95 billion from N601.92 billion recorded in 2022, which was majorly attributable to 80 per cent growth in investment securities.
Onakpoma said that UCAPs total liabilities grew by 48 per cent year-on-year to N841.23 billion in 2023 financial year, compared to N568.93 billion in 2022 financial year.
He noted that this was largely driven by 45 per cent year-on-year growth in managed funds and 100 per cent growth in borrowed funds.
The group chief financial officer stated that the company’s shareholders’ funds increased by 175 per cent, year-on-year to N90.71 billion, from N32.99 billion posted in the previous year.
According to him, this is largely driven by increase in fair value reserve during the year under review.
Onakpoma disclosed that the company’s board of directors had proposed a dividend of N1.80 per
share, amounting to N10.8 billion dividend to be paid to shareholders upon approval by members at the annual general meeting.
Commenting on the performance, the Group Chief Executive Officer, Mr Peter Ashade, expressed delight that UCAP Group delivered on its promise to grow its PBT despite the challenging macroeconomic and operating environment.
Ashade said the performance was a reaffirmation of the company’s commitment to drive shareholder’s value by leveraging its unique capabilities as a strong and well diversified financial service group.
“As we proceed into the 2024 financial year, we remain focused on our mandate of improving stakeholders’ value and transforming the lives of our esteemed clients.
“This would be done through the disciplined execution of our strategic priorities effectively designed to position UCAP as the most formidable Pan African financial services group,” he said. (NAN)
