L-R: Mr. Sunny Iroche, Independent Non-executive Director, United Capital Plc; Mr. Oladipupo Fatokun, Independent Non-executive Director, United Capital Plc; Sir Stephen Nwadiuko, Independent Non-executive Director, United Capital Plc; Mr. Emmanuel Nnorom, Non-executive Director, United Capital Plc; Professor Chika Mordi, Chairman (Non-executive Director), United Capital Plc; Mr. Peter Ashade, Group Chief Executive Officer, United Capital Plc; Mr. Oluleke Ogunlewe, Non-executive Director, United Capital Plc; Mr. Sunny Anene, Deputy Group Chief Executive Officer, United Capital Plc; and Sir Leo Okafor, Company Secretary, United Capital Plc.
BY NKECHI NAECHE-ESEZOBOR– United Capital Plc, a leading Pan-African financial services conglomerate has declared a dividend payout of N9 billion to it’s shareholders despite the challenging business environment.
The company disclosed this when it held it’s Annual General Meeting today, at Transcorp Hilton Hotel, Abuja.
It also marked the company’s 10th year as a listed company on the Nigerian Exchange.
Speaking on its financial performance, Prof. Chika Mordi, Chairman of the company said the company reported a 13% year-on-year increase in Profit Before Tax to N13.50 billion, a 49% year-on-year increase in Gross Earnings to N26.90 billion, and a 33% year-on-year increase in Total Asset to N601.92 billion.
The board also resolved to declare a dividend of N1.50 for every 50 kobo ordinary share, much to the satisfaction of shareholders.
Providing context for the financial performance, he said “despite the macroeconomic pressures of 2022, United Capital Plc reported an outstanding financial performance. The Group’s Return on Average
“Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions, signifying solid growth in the overall profitability of the Group and its subsidiary businesses.” Reassuring shareholders, he added,
“We are confident in our ability to deliver consistent superior returns as we have put in place appropriate strategies to respond to possible scenarios that the year 2023 could throw at us.”
In addition to its outstanding financial performance, United Capital Plc’s subsidiaries individually recorded significant milestones during the year.
The Investment Bank acted as Joint Issuing House to Dangote Industries Limited (DIL) $1 billion bond issuance, the largest bond issuance in the Nigerian Debt Capital Market by a corporate entity. Its Asset Management subsidiary won the award for the Fastest Growing Investment Management Company in Nigeria at the 2022 International Finance Awards and remains among the top three fund managers in Nigeria.
TheTrustees business cemented its industry leadership as the number one Trustee business in Nigeria in terms of Funds under Management (FUM) and its Consumer Finance business disbursed over 130,000 loans totalling N21 billion.
Speaking on the company’s outlook for the 2023 financial year, Mr. Peter Ashade, Group Chief Executive Officer said “This year marks our 10th year as a publicly quoted company on the Nigerian Exchange and I am delighted to affirm that it has been a decade of excellence and progress for both the organisation and its shareholders. This year, business sustainability, innovation, digitalization, and increasing global competition for talent are megatrends that will define how we operate given our long-term business objectives and goals. We will continue to position the organization as a globally reputable financial institution with the best team of professionals creating solutions and unique experiences for our clients and delivering superior value to all stakeholders while fostering social development and promoting financial inclusion across the geo-political zones that we operate.”
United Capital PLC has already put plans in motion to expand its commercial operations. The financial service company recently received a microfinance banking license from the Central Bank of Nigeria (CBN) in an effort to foster financial inclusion by offering diverse market segments access to loans, investments and capital raising solutions. It has also expanded its footprints globally, securing a strategic partnership with two leading Swiss investment banks.
