Picture Caption: Cross-Section of United Capital Plc’s board at the end of the AGM
Investment Banking group, United Capital Plc, on Thursday rose from its 12th Annual General Meeting (AGM) in Abuja, with shareholders approving the N14.4bn total dividend proposed by the directors for the 2024 financial year ended December 31.
The payout, which represented a 33% increase from the previous year, represented a final dividend of N0.50 per share, complementing the interim dividend of N0.90 per share distributed within the financial year, was unanimously endorsed.
Investors commended the company’s consistent delivery of strong returns, spotlighting the previously declared 2-for-1 bonus share issuance that significantly enhanced their equity positions.
The robust shareholder value creation is reflected in the 47% growth of Shareholders’ Funds to N133.5bn., even as Prof. Chika Mordi, the company’s chairman, highlighted its outstanding financial performance despite macroeconomic challenges.
Reviewing the performance for the year, Mordi noted that “in 2024, our Profit Before Tax (PBT) accelerated by 74.0% year-on-year to N30.1bn in 2024, indicating impressive growth in the overall profitability of the Group.
“In terms of our financial position, the Total Assets of the Group appreciated by 82.6% year-on-year to N1.7bn,” he stressed, reassuring investors of the company’s commitment to sustaining this momentum, stating that United Capital remains well-positioned to deliver even greater returns in the coming years.
Also, Peter Ashade, Group CEO of the company, attributed its continued success to strategic execution, operational excellence, and the dedication of its leadership team and employees.
“We remained committed in our mission to create sustainable value for our stakeholders despite a volatile operating environment. Our market capitalization surged by 200% to N396 billion, while our Return on Average Equity (RoAE) stood at 21.5%, underscoring the wealth creation and business stability we have achieved,” he said.
Looking ahead, Ashade reaffirmed United Capital’s commitment to sustaining its growth trajectory and delivering superior performance in 2025, noting that UCap remains focused “on expanding our market leadership, enhancing innovation, and driving long-term value creation.”
Following a profitable year with the firm leading key transactions, expanding into digital banking, consumer finance and recording impressive growth in funds under management, the Group is determined to solidify its position as a high-performing, sustainable financial services group, with key strategic expansion into new markets and sectors, setting new standards of excellence in Africa’s financial landscape.
