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United Capital committed to delivering superior value to shareholders – Ashade

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United Capital Plc reports N6.14bn turnover in Q1 2024

Adebayo Obajemu

United Capital Plc on Tuesday published its Third Quarter report for the period ended 30 September 2023. Being one of the early filers when it comes to post listing regulation requirement for listed companies on the Nigerian Exchange, UCAP has recorded consistent growth in its topline and bottom line figures, year on year.

Gross Earnings of N17.506 billion was reported for the 9 months period, up by 20.35% from N14.546 billion reported the previous year. This is largely driven by 35% growth in Investment Income.

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The Group reported Profit after tax of N8.47 billion for the period under review, up by 9.76% from N7.72 billion reported the previous year. This is driven by 20% growth in gross earnings during the period under review.

Earnings per share of UCAP stands at N1.41. At the share price of N16.45, the P/E ratio of UCAP stands at 11.65x with earnings yield of 8.58%.

United Capital Shareholders’ funds rose by 86% year-to-date to N61.21billion in September 2023 compared to N32.99 billion in December 2022 attributable to increase in fair value reserve during the period under review.

Commenting on the unaudited financial results for Q3 2023, the Group Chief Executive Officer of United Capital Plc, Peter Ashade stated thus:

United Capital’s third quarter performance reflects our strong ability to deliver sustainable earnings despite the challenging operating business environment. This is on the back of a reinforced risk management system and solid execution capabilities.

While we are focused on our strategic objective of improving our services and financial offerings to our clients, we remain committed to our promise of delivering superior value to our shareholders. This is evident in our performance as we grew gross earnings by 20% year-on-year to N17.51billion, total assets by 22% year-to-date to N732.50billion and Shareholders’ funds by 86% year-to-date to N61.21billion during the period.

As we proceed into the fourth quarter of the year, we are positive about the emerging opportunities in our operating environment and we are confident that all our businesses are well positioned to optimise their capabilities in the current dispensation.

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