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Why United Capital’s profit dipped in 2017

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United Capital Plc recently released its results for the 12 months ended, December 2017. Gross earnings fell slightly from ₦9 billion in 2016 to ₦8.9 billion in 2017. Profit before tax also fell slightly from ₦6.3 billion in 2016 to ₦5.5 billion in 2017.

Profit after tax dropped from ₦6.9 billion in 2016 to ₦4.3 billion in 2017.Earnings per share also dropped from ₦1.15 in 2016 to ₦0.73 in 2017.

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Why the drop?

The decline was largely due to an absence of extraordinary gains and a sharp spike in taxes. The company, in 2016 made ₦909 million from the sale of its 50% stake in Metropolitan Insurance, which was an extraordinary gain that was absent in 2017.

Tax provisions also rose sharply from ₦363 million in 2016 to ₦1.2 billion in 2017.

Income across several segments declined, with the exception of investment income which rose from ₦4 billion in 2016 to ₦4.9 billion in 2017.

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Fees and commission income declined from ₦1.9 billion to ₦1.8 billion. Net interest margin fell sharply from ₦640 million in 2016 to ₦143 million in 2017. Other incomes also fell sharply from ₦2.3 billion in 2016 to ₦1.8 billion in 2017.

The company then declared a dividend of ₦0.35 per share, representing a 47.9% payout ratio.

United Capital Plc was incorporated in Nigeria as limited liability company on March 14,2002. It became a public company and was listed on the Nigerian Stock Exchange in January 2013 after a successful spin-off from United Bank for Africa Plc.

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UCAP is a holding company with three subsidiaries namely United Capital Trustees Limited, United Capital Asset Management Limited and United Capital Securities Limited. Its areas of business include investment banking, trusteeship, asset management and stock-broking.

United Capital closed at ₦3.85 in today’s trading session on the NSE, up 9.07% year to date.

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Patricia

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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Coronavirus

COVID-19 Update in Nigeria

On the 5th of June 2020, 328 new confirmed cases and 10 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 11,844.

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COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 11,844 confirmed cases.

On the 5th of June 2020, 328 new confirmed cases and 10 deaths were recorded in Nigeria.

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To date, 11844 cases have been confirmed, 3696 cases have been discharged and 333 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 73,064 tests.

COVID-19 Case Updates- 5th June 2020

  • Total Number of Cases – 11,844
  • Total Number Discharged – 3,696
  • Total Deaths – 333
  • Total Tests Carried out – 73,064

The 328 new cases were reported from 14 states- Lagos (121), FCT (70), Bauchi (25), Rivers (18), Oyo (16), Kaduna (15), Gombe (14), Edo (13), Ogun (13), Jigawa (8), Enugu (6), Kano (5), Osun (2), Ondo (2).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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The latest numbers bring Lagos state total confirmed cases to 5663, followed by Kano (985), Abuja at 862, Katsina (385), Edo (364), Kaduna (335), Oyo (334), Ogun (329), Borno (322), Rivers (308), Jigawa (282),  Bauchi (281),  Gombe (184), Kwara (127).

Delta State has recorded 116  cases, Sokoto (115), Plateau (113), Nasarawa (90), Ebonyi (80), Zamfara (76),  Yobe (52), Osun (49), Imo (47), Akwa Ibom (45), Adamawa (42), Niger (41), Ondo (38),  Kebbi  (33), Bayelsa and Enugu (30), Ekiti (25), Taraba (18), Abia (15), Benue (13), Anambra (12), while Kogi state has recorded only 3 cases.

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

 

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

Patricia
DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Business News

Dangote, BUA Cement drag Nigerian Stock market down, investors lose N154.28 billion

Investors lost N154.28 billion in value, as market capitalization dropped to N13.04 trillion at the Nigerian Stock market.

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Dangote Cement Plc, stock market, NSE, Nigerian stock exchange

Nigeria’s stock market finished the week on a poor note, extending its previous day’s loss. The ASI declined by -1.17% to 25,016.00 index points. Consequently, the Year to Date loss dipped to -6.88%. Also, investors lost N154.28 billion in value, as market capitalization dropped to N13.04 trillion.

In terms of activity levels, market activity mirrored the broad index as total volumes and values declined by -20.61% and -52.51% to 214.49 million units and 2.51 billion respectively. ZENITH BANK was the most traded stock by volume at 22.2 million units, while NB topped by value at N666 million.

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READ ALSO: List of Dividends announced so far in 2020 (June)

Market sentiment, measured by market breadth, was however positive with 22 gainers led by BOCGAS (10.00%), against 18 losers topped by CABDURY (-9.47%).

Across the major indexes we cover, four out of five indexes closed negative. The Industrial goods (-3.91%) index was the worst performer, due to BUACEM (-5.44%) and DANGCEMENT (-2.04%) price decline. The Consumer Goods (-1.23%) and Energy (-0.96%) indices followed, owing to sell-offs in CADBURY (-9.47%); NB (-4.55%); GUINNESS (-3.68%) and OANDO (-2.22%).

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Also, the Banking (-0.28%) index lost points, as prices of GUARANTY (-2.45%) and FBNH(-1.82%) fell. The Insurance index was the lone gainer, up +0.06% on price appreciation in CHIPLC, CUSTODIAN & AIICO Insurance.

READ MORE: GTBank, Zenith Bank, Nestle emerge Renaissance Capital’s top stock picks

Top gainers

BOCGAS up 10.00% to close at N4.4; SKYAVN up 9.64% to close at N2.73; NASCON up 1.77% to close at N11.5; CUSTODIAN up 3.42% to close at N6.05; and NEIMETH up 9.94% to close at N1.77.

Top losers

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CADBURY down 9.47% to close at N7.65; BUACEMENT down 5.44% to close at N40; NB down 4.55% to close at N42; GUINNESS down 3.68% to close at N18.3; and DANGCEM down 2.04% to close at N139.

Patricia

Outlook

Market dropped close to the N13 trillion market capitalization support level, as heavy selling was observed among blue-chip stocks. Nairametrics recommends caution as price swing momentum strengthens.

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Business News

Buhari reappoints Danbatta as NCC Vice Chairman/CEO

With the reappointment, Danbatta will continue serving in the capacity of NCC Vice Chairman and CEO for another 5 years.

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Buhari reappoints Danbatta as NCC Vice Chairman/CEO

President Muhammadu Buhari has approved the reappointment of of Prof. Umar Garba Danbatta as Executive Vice Chairman, and Chief Executive Officer of the Nigerian Communications Commission (NCC).

This means that Danbatta will continue serving in the capacity of NCC Vice Chairman and CEO for another 5 years.

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Personal assistant on New Media to President Muhammadu Buhari, Bashir Ahmad announced this via his twitter handle on Friday evening.

READ MORE: Nigerian economy going into recession, might contract by -8.9% – Finance Minister

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This reappointment was based on the recommendations of the Honourable Minister of Communications and Digital Economy, Dr Ali Ibrahim Pantami, and contained in a Press statement from the ministry.

https://twitter.com/FMoCDENigeria/status/1268927885726924808/photo/1

READ ALSO: Construction of ICT Parks nudges Nigeria into digital transformation

While wishing him well in his second tenure, Pantami urged Professor Danbatta to consolidate on gains and achievements of his first term.

“The honourable minister directed him to significantly improve on the overall performance of the commission as well as ensure that adequate mechanisms are put in place to facilitate the implementation of all policies of the Federal Government through the ministry” the statement read.

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Patricia

The professor of Telecommunications engineering had lectured for about three decades before his previous appointments. At different times, he also served as a member of the Implementation Committee of the Northwest University Kano, as well as served as the Acting Vice-Chancellor of the Kano University of Science & Technology, Wudil.

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