United Capital sustains N1.50 dividend per share as revenue rises 49%

United Capital Plc has proposed maintaining a dividend of N1.50 for every 50 kobo ordinary share to stakeholders of the company.

Mr Peter Ashade, Group Chief Executive Officer, said this in the company’s audited financial statement for the year ended Dec. 31, 2022.

The statement showed the company recorded impressive growth margins for the period under review, in spite of economic challenges.

Ashade said, “in spite of economic oscillations, United Capital Plc has recorded impressive margins with its gross earnings rising by 49 per cent year-on-year to N26.90 billion, and Profit Before Tax (PBT) rising by 13 per cent year-on-year to N13.50 billion.

“The company also recorded 33 per cent year-on-year growth in total assets to the tune of N601.92 billion while shareholders’ funds increased by eight per cent year-on-year to N32.99 billion.’’

He said during the year 2022, the company navigated a difficult terrain to sustain its earnings growth and deliver decent returns to shareholders.

Ashade said that the company also strengthened its organisational resilience to factors militating against business growth, particularly in emerging economies.

The group chief executive officer said that the company had continued to present windows of opportunities for all its businesses in locations where it operated, despite the undulating landscape and environment.

This, he said, was accentuated by the 49 per cent growth in revenue to N26.90 billion which helped offset increased operating expenses, resulting from very high inflation and severely impacted macroeconomic environment which was anticipated in fourth quarter,2022.

Ashade said, “we remain upbeat about sustaining our performance in 2023, having kicked off the year in a robust financial position with close to N1trillion funds under management comprising trusts, mutual funds, and other professionally managed investments for our clients across diverse segments.

“The Group is better positioned to deliver on our growth objectives while remaining competitive and sustainably profitable.

“We will continue to prioritise activities that create and preserve value for all our stakeholders into the foreseeable future.”