October 26, 2021

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United Capital optimistic of enhanced returns in 2021

United Capital Plc

United Capital Plc

Chief Executive Officer, United Capital Plc, Mr Peter Ashade, expresses optimism that 2021 will present the company with greater opportunities for enhanced returns and service delivery.

By Chinyere Joel-Nwokeoma

The Chief Executive Officer, United Capital Plc, Mr Peter Ashade, has expressed optimism that 2021 would present the company with greater opportunities for enhanced returns and service delivery.

Ashade said this to shareholders at the company’s 2020 Annual General Meeting by proxy — due to the COVID-19 pandemic — held in Lagos.

“Our financial performance, in what was a year of protracted disruptions, is a testament of our unwavering commitment to our clients’ needs, come what may.

“For us at United Capital, we are optimistic about the year 2021 as it presents greater opportunities for innovation, growth and expansion beyond our current ecosystem,” he said.

Ashade said that profit before tax stood at N7.95 billion, from N4.95 billion posted in the comparative period of 2019.

Similarly, profit after tax rose by 57.14 per cent to N7.81 billion in contrast with N4.97 billion recorded in the preceding period of 2019.

Also, net operating income rose to N12.49 billion in 2020 from  N7.90 billion in 2019, representing an increase of 58 per cent.

The shareholders at the meeting approved proposed dividend of 70k per share, amounting to a total of N4.2 billion declared by the company for the 2020 financial year.

Also speaking, the company’s Chairman, Mr Chika Mordi, noted that in spite of the macroeconomic pressure, it reported an outstanding financial performance in 2020.

Mordi said that total revenue was up by 50 per cent year-on-year to N12.87 billion from N8.59 billion earned in 2019.

“Profit before tax grew to N7.95 billion in 2020, up 61 per cent from N4.95 billion in 2019, signifying solid growth in the overall profitability of the Group.

“The Group’s Return on Average Equity for the 2020 financial year stood at 35%, one of the highest among listed financial services institutions, highlighting strong value creation for our shareholders,” he said. (NAN)

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