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United Capital Plc records 25.90% increase in 2020 Q3 gross earnings

United Capital Plc recorded a boost from an increase in three revenue-generating units.

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Commercial paper, United Capital Asset Management explains mutual funds’ positive performance

United Capital Plc (Group) reported revenues of N2.62 billion in 2020 Q3, compared to N2.08 billion in the corresponding period of 2019. 

READ: Edlyft raises over $1.4 million venture capital during pandemic

Key highlights for 2020 Q3 

  • Gross earnings increased to N2.62 billion, +25.90% YoY. 
  • Investment income increased to N1.75 billion, +111.59% YoY. 
  • Fees and commission income increased to N880.89 million, +42.64% YoY. 
  • Net trading income increased to N29.11 million, +11.99% YoY. 
  • Other income decreased to N44.41 million, -109.59% YoY. 
  • Net operating income increased to N2.66 billion, +80.86 YoY.  
  • Total expenses decreased to N766.70 million, -4.22% YoY. 
  • Pre-tax profits increased to N1.86 billion, +44.69% YoY. 
  • Earnings Per Share increased to 26 kobo, +44.44% YoY. 

READ: Guinness Nigeria Plc: Increase in Nigeria sales boosts revenues

Bottom Line

United Capital Plc recorded a boost from an increase in its three revenue-generating units. Companies have generally recorded decreased revenues in the last three quarters mostly due to COVID-19; however, United Capital Plc was able to increase its total revenues.

READ: Consumers overall confidence index dipped by 25.0% Y-o-Y- CBN

Pre-tax profits also increased, thanks to increased income and reduced total expenses.

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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