United Capital Posts N12.87bn Revenue, N7.8bn Profit For 2020

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United Capital Plc on Monday announced gross earnings of N12.87 billion for the financial year ended Dec. 31, 2020.

The gross earnings represented an increase of 50 per cent when compared with N8.59 billion achieved in the corresponding period of 2019.

The company stated this in its audited financial result released on the Nigerian Stock Exchange (NSE) and  signed by its Group Chief Executive Officer, Mr Peter Ashade.

Ashade said profit before tax stood at N7.95 billion from N4.95 billion posted in the comparative period of 2019.

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Similarly, profit after tax rose by 57.14 per cent to N7.81 billion in contrast with N4.97 billion recorded in the preceding period of 2019.

Also, net operating income rose to N12.49 billion in 2020 from N7.90 billion in 2019, representing an increase of 58 per cent.

The directors proposed a dividend of 70k per share, amounting to a total of N4.2 billion dividend to be paid to shareholders upon approval of members at the Annual General Meeting.

The dividend is payable to shareholders whose names appear on the Register of Members at the close of business on March 5.

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Commenting on the group’s performance, Ashade said the revenue increased by 50 per cent during the period on the back of a strong growth in fee and commission income.

He said the company delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in key business parameters.

“This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges.

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“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,” Ashade added.

He said the company would work with regulatory authorities to strengthen the broader financial system as the domestic economy continued on the path to recovery in the year 2021. NAN