Home Business United Capital Plc reports PBT increase of 65% to N3.74 billion in...

United Capital Plc reports PBT increase of 65% to N3.74 billion in HY 2021

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THUR 15 JULY, 2021-theGBJournal-The United Capital Plc, (NSE: UCAP, Bloomberg: UCAP:NL, Financial Times: UCAP: LAG) today published its Unaudited Financial Statements for the period ended June 30, 2021, reporting significant growth in key indicators despite the challenging global economic climate.

The company’s grew total its revenue in HY 2021 to N6.85bn from N4.45bn in HY 2020.

 It grew Profit Before Tax (PBT) by 65% to N3.74 billion in HY 2021, compared to N2.27 billion in HY 2020 while Profit After Tax (PAT) rose by 64% year-on-year from N1.91 billion in HY 2020 to N3.14 billion in HY 2021. It also grew its total Assets by 44% year-to-date driven by 49.60% increase in Total Liabilities.

The Group CEO, Mr. Peter Ashade, noted in his statement to stakeholders that the Group ended the first half of the year on a very high note as reflected in the earnings growth and strong financial performance.

‘’United Capital Plc is in a growth phase,’’ he said, ‘’and I must say that our strong financial performance is a testament of our unwavering commitment to increasing value creation for all our clients amid the harsh socio-economic environment and lingering effects of the devastating pandemic.’’

According to the CEO, in the remaining half of the year, United Capital will be focused on their transformation agenda by deepening their value propositions to underserved market segments especially mass affluent and mass market clients, while driving phased automation of our business processes.

‘’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.’’

Year-on-Year analysis of the result -HY 2021 to HY 2020

-Revenue: N6.85 billion in HY 2021, compared to N4.45 billion in HY 2020 (54% growth year-on-year)

-Operating Income: N6.81 billion in HY 2021, compared to N4.35 billion in HY 2020 (57% growth year-on-year)

-Operating expenses: N3.11 billion in HY 2021, compared to N2.18 billion in HY 2020 (43% growth year-on-year)

-Annualized Earnings Per Share: 105 Kobo. (2020: 64kobo). This represents 64% growth year-on-year.

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