United Capital records 111% profit growth in 2024

United Capital Group has reported a 111 per cent rise in Profit After Tax (PAT) for 2024, reaching N24.10 billion.

The company disclosed this in a corporate statement released via the Nigerian Exchange Ltd on Monday.

The Group’s dividend payout also increased by 33 per cent, rising to N14.4 billion.

Board Chairman, Prof Chika Mordi, stated that Profit Before Tax (PBT) grew by 74 per cent year-on-year to N30.10 billion, while PAT climbed to N24.10 billion.

Mordi also revealed that the group’s total assets surged by 83 per cent year-on-year to N1.70 trillion, with shareholders’ funds increasing by 47 per cent to N133.50 billion.

“United Capital Group remains committed to shared prosperity by delivering record profitability and significant corporate actions.

“This led to an increased total dividend payout of N14.4 billion for 2024, marking a 33 per cent rise from the N10.8 billion paid in 2023.

“We will continue strengthening governance frameworks to protect investors’ assets and sustain superior value delivery well into the future,” he said.

Speaking on the Group’s performance, CEO Mr Peter Ashade said, “I am honoured to announce our stellar financial performance for 2024.

“In spite of a challenging business environment, we remained resilient. PBT rose by 74 per cent to N30.10 billion, while PAT surged 111 per cent to N24.10 billion.”

He noted that shareholders’ funds increased by 47 per cent to N133.65 billion, while total assets grew 83 per cent year-on-year to N1.70 trillion.

“To maximise stakeholder value, we issued two additional shares for every one held, alongside our first interim dividend of N0.90 kobo per share.

“As we move into 2025, we remain committed to rewarding shareholders and sustaining our strong performance,” Ashade said.

He reaffirmed the Group’s goal to lead Nigeria’s capital market and unlock opportunities across Africa.

“I sincerely appreciate our customers, shareholders, partners, Board, management, employees, and regulators for their unwavering support in driving our success,” he said.