United Capital Plc has announced that its profit grew by 57 per cent from N4.9 billion in 2019 to N7.81 billion in 2020. This was even as the company proposed a dividend of 70 kobo per share, amounting to a total of N4.2 billion dividend to be paid to shareholders upon approval of members at the next Annual General Meeting (AGM).
The dividend is payable to shareholders whose names appear on the Register of Members at the close of business on March 5, 2021.
According to the company’s audited Financial Statements for the period ended December 31, 2020, its gross earnings grew by 50 per cent from N8.59 billion to N12.87 billion in the period under review, while Net Operating Income rose to N12.49 billion in 2020 compared to N7.90 billion in 2019.
The company’s profit before tax (PBT) grew by N7.95 billion in 2020 as against N4.95 billion recorded in 2019 while profit after tax (PAT) rose to N7.95 billion as against N4.95 billion in 2019. Further analysis of the results showed that earnings per share stood at 130 kobo as against 83 kobo recorded in preceding year while Shareholders Fund rose by 25 per cent on the back of a strong 29 per cent growth in retained earnings.
Commenting on the results, the Group Chief Executive Officer, United Capital Plc, Peter Ashade, said that despite the impact of the COVID-19 pandemic that interfered with the firm’s operation during the financial year, the company delivered impressive returns and remarkable double-digit growth in revenue, PBT and PAT and solid performance across key business parameters.
According to him, this empowers United Capital Plc to adopt a more positive outlook for the year 2021 even as it navigates the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges.
“Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021,” he said.