United Capital sustains payment of N1.50 dividend

Setting the tone for the financials declaration, United Capital Plc has maintained its multi-year success streak, as evidenced in its recent audited financial statements for the fiscal year ended December 31, 2022.

The company’s gross earnings took upward direction, increasing by 48.89 per cent to N26.896 billion against N18.065 billion.

Profit before tax also rose to N13.500 billion from N11.917 billion achieved in the comparative period of 2021, representing an increase of 13.28 per cent.

The company audited result for the 2022 financial year showed an increase tax by 483.94 per cent to N3.847 billion from N658.863 million paid in the previous year, bringing profit after tax lower to N9.653 billion against N11.258 billion achieved in the corresponding period of 2021.

As a show of confidence to shareholders, the company proposed maintaining a dividend of N1.50 for every 50 kobo ordinary share.

Analysis of the company result showed that operating expenses up by 130.88 per cent to N13.717 billion from N5.941 billion.

Total assets also up by 32.70 per cent to N601.915 billon from N453.597 billion while total liabilities went to N568.927 billion from N423.051 billion in 2021 indicating a growth of 34.48 per cent.

Commenting on the Group’s remarkable performance, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say:

“During the year 2022, we navigated a difficult terrain to sustain our earnings growth and deliver decent returns to shareholders while strengthening our organizational resilience to factors militating against business growth, particularly in emerging economies.