Caption: Directors of United Capital Plc: From left, Sunny Iroche, Independent Non-executive Directors- Oladipupo Fatokun, Sir Stephen Nwadiuko, Emmanuel Nnorom, Professor Chika Mordi, Chairman (Non-executive Director), Peter Ashade, Group Chief Executive Officer, Oluleke Ogunlewe, also a Non-executive Director; Sunny Anene, Deputy Group Chief Executive Officer; and Sir Leo Okafor, Company Secretary.
Shareholders of United Capital Plc, a Pan-African financial services conglomerate, on Monday, March 27, 2023, at its Annual General Meeting in Abuja, approved the distribution of N9bn dividend payout proposed by the directors. The dividend declared translated to N1.50 for every 50 kobo ordinary share, much to the satisfaction of shareholders.
At the event which also coincided with the company’s 10th year of its listing on the Nigerian Exchange, the board presented the financial statement, showing that despite evident market volatility, there was a 49% year-on-year increase in Gross Earnings to N26.9bn, while Profit Before Tax grew by 13% to N13.5bn; just as there was a 33% growth in Total Asset to N601.92bn.
Providing context for the financial performance, Prof. Chika Mordi, Chairman of the Board of United Capital Plc, said “despite the macroeconomic pressures of 2022, United Capital Plc reported an outstanding financial performance. The Group’s Return on Average Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions, signifying solid growth in the overall profitability of the Group and its subsidiary businesses.” Reassuring shareholders, he added,
“We are confident in our ability to deliver consistent superior returns as we have put in place appropriate strategies to respond to possible scenarios that the year 2023 could throw at us.”
In addition to its outstanding financial performance, United Capital Plc’s subsidiaries individually recorded significant milestones during the year. The Investment Bank acted as Joint Issuing House to Dangote Industries Limited (DIL) $1 billion bond issuance, the largest bond issuance in the Nigerian Debt Capital Market by a corporate entity.
Its Asset Management subsidiary won the award for the Fastest Growing Investment Management Company in Nigeria at the 2022 International Finance Awards and remains among the top three fund managers in Nigeria. TheTrustees business cemented its industry leadership as the number one Trustee business in Nigeria in terms of Funds under Management (FUM) and its Consumer Finance business disbursed over 130,000 loans totalling N21bn.
Speaking on the company’s outlook for the 2023 financial year, Peter Ashade, Group Chief Executive Officer said “this year marks our 10th year as a publicly quoted company on the Nigerian Exchange and I am delighted to affirm that it has been a decade of excellence and progress for both the organisation and its shareholders. This year, business sustainability, innovation, digitalization, and increasing global competition for talent are megatrends that will define how we operate given our long-term business objectives and goals.
“We will continue to position the organization as a globally reputable financial institution with the best team of professionals creating solutions and unique experiences for our clients and delivering superior value to all stakeholders while fostering social development and promoting financial inclusion across the geo-political zones that we operate.” He stressed.
A statement by the company noted plans in motion to expand its commercial operations, after recently receiving a microfinance banking license from the Central Bank of Nigeria (CBN) in an effort to foster financial inclusion by offering diverse market segments access to loans, investments and capital raising solutions. It has also expanded its footprints globally, securing a strategic partnership with two leading Swiss investment banks.