By Nkiruka Nnorom
United Capital Plc has reported a 49 percent increase in its gross earnings to N26.90 billion for the year ended December 31, 2022 from N18.07 billion in the corresponding period in 2021.
Meanwhile the company has proposed N1.50 dividends for every 50 kobo ordinary share.
The company disclosed this in its financial statement released at the Nigerian Exchange Limited (NGX) which showed 13 percent increase in Profit Before Tax (PBT) to N13.50 billion from N11.92 billion in 2021.
The company also recorded 33 percent year-on-year growth in total assets to N601.92 billion while the shareholders’ funds increased by eight percent to N32.99 billion.
Meanwhile, the Central Bank of Nigeria (CBN) has granted the company a microfinance banking licence, allowing it to expand its business activities and potential earnings even further.
Commenting, Mr. Peter Ashade, Group Chief Executive Officer, United Capital, said: “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.
“Our operating environment despite the undulating landscape continues to present windows of opportunities for all our businesses in the locations we operate. This is accentuated by the 49% growth in revenue to N26.90 billion which helped offset increased operating expenses resulting from very high inflation and severely impacted the macroeconomic environment which we anticipated in Q4-2022.”
Source: Vanguard