HY 2021: United capital records 65% profit, targets superior returns in 2022

United Capital Plc has announced a 65 per cent rise in its profit before tax (PBT) from N2.27 billion recorded in the half year (HY 2020) to N3.74 billion in 2021.

According to its unaudited financial statement for the period which ended June 30, 2021, the group’s revenue grew to N6.85 billion as against N4.45 billion recorded in 2020, representing a growth of 54 per cent year-on-year while its profit after tax (PAT) grew by 64 per cent from N1.91 billion in HY 2020 to N3.14 billion in HY 2021.

However, the group’s shareholders’ funds declined 3.57 per cent year-to-date, with retained earnings down by 4.90 per cent due to dividend payout during the period under review.

Commenting on the group’s performance the Group Chief Executive Officer, Peter Ashade, said that United Capital Plc ended the first half of the year on a very high note as reflected in its earnings growth and strong financial performance. Ashade noted that the group is in a growth phase while adding that its strong financial performance is a testament of the firm’s unwavering commitment to increasing value creation for all its clients amid the harsh socio-economic environment and lingering effects of the devastating pandemic.

Speaking on the company’s outlook, Ashade revealed that United Capital will be focused on its transformation agenda by deepening its value propositions to different market segments especially mass affluent and the underserved mass market clients, while driving phased automation of the company’s business processes.

He said, “Our bespoke affluent segment propositions including private trusts, and wealth management solutions are curated to increase, preserve, and transfer wealth for our fast-growing affluent customer base. Furthermore, our best-in-class digital platforms remain central to our purpose of transforming lives and promoting financial inclusion across Africa by providing easy access to collective investment schemes and micro loans while promoting socio-economic development.

Our stakeholders can be assured of our commitment to delivering superior returns. More importantly, we will continue to work with our regulators and other capital market operators on structural reforms to deepen the capital market as the domestic economy continues the path to recovery”.

The Group CEO further added that the firm aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.

United Capital Plc is listed on the Nigerian Exchange Limited (NGX) and is at the forefront of becoming the financial and investment role model across Africa by leveraging on innovation, technology, and specialist skills to exceed client expectations, while creating more value for all stakeholders.