United Capital Plc, has announced its unaudited financial statements for the period ended March 31, 2022. Gross earnings was up 35 percent year-on-year to N4.21 billion, profit before tax grew by 36 percent year-on-year to N2.69 billion, and profit after tax rose 39 percent year-on-year to N2.31 billion.
Speaking on the unaudited financial results, Professor Chika Mordi, the Board Chairman said United Capital is on a remarkable growth path as reflected in their strong financial results in Q1 of 2022.
“We remain uniquely positioned to increasing value delivery to all our stakeholders” he said.
Commenting on the Group’s performance, the Group Chief Executive Officer, Mr. Peter Ashade, said: “As a financial market player, capital market operator, investment manager, and consumer lender, we play a unique role in expanding service offerings in the financial services ecosystem while creating and distributing wealth amongst diverse stakeholders.
United Capital is on a sustainable growth trajectory driven by increasing patronage and expanded activities across all our businesses, and market segments that we serve.
We kicked-off the year 2022 on a sure footing and we are poised to deliver new services and expand into new markets to grow our businesses in line with our three-year growth strategy.”
However, Total Assets stood at N463.93 billion, compared to N453.60 billion as at FY 2021 (2 per cent year-to-date growth) Total Liabilities hits N440.08 billion, compared to N423.05 billion as at FY 2021 (4 percent year-to-date growth).
Shareholders Fund was N23.85 billion, a 22 percent year-to-date decrease relative to FY 2021’s value at N30.55 billion. The Cost-to-Income ratio, rose by 2.33 percent points largely attributable to 60 percent increase in other operating expenses, 30 percent increase in personal expenses and 31 percent increase in impairment allowance during the period under review.
During the period under review, the company Profitability margin improved slightly gaining 0.52 percent to 63.81 percent for Q1 2022 relative to 63.29 percent for Q1 2021. PAT margin also improved, gaining 1.64 percent to 54.81 percent in Q1 2022 compared to 53.17 percent in Q1 2021.
United Capital’s Shareholders’ funds declined by 22 percent year-to-date with retained earnings down by 23 percent YTD due to the impact of N9 billion dividend payout during the period under review.
Following the release of our Q1 2022 result, the company will be hosting an Investors and Analysts conference call on Wednesday 27th April 2022 to discuss its performance and overall outlook for the rest of 2022.
United Capital Plc as a leading Pan-African financial and investment services group, has a mission to provide bespoke and innovative value-added services to its client. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.
The company which was listed on the Nigerian Stock Exchange on the 17th of January 2013 is setting the pace to becoming the financial and investment role model across Africa, by deploying innovation, technology, and specialist skills to exceed client expectations, while creating more value for all stakeholders.
As a pacesetter, United Capital is the first Investment Bank to be listed on the Nigerian Stock Exchange. It maintains a holding company structure with subsidiaries in the Consumer Lending, Trusteeship, Securities Trading and Asset Management business.
