- United Capital Plc shareholders endorsed the N9 billion dividend payout recommended by the board of directors for the full year 2022.
- The Board of Directors, at the AGM, announced a 13% year-on-year increase in Profit Before Tax to N13.50 billion.
- The financial service company recently received a microfinance banking license from the Central Bank of Nigeria (CBN).
Shareholders of United Capital Plc have approved the N9 billion dividend payout recommended by the board of directors for the full year 2022.
The approval was given at the company’s Annual General Meeting held at Transcorp Hilton Hotel, Abuja.
The dividend represents N1.50 for every 50 kobos ordinary shares.
The Board of Directors, at the AGM, announced a 13% year-on-year increase in Profit Before Tax to N13.50 billion, a 49% year-on-year increase in Gross Earnings to N26.90 billion, and a 33% year-on-year increase in Total Asset to N601.92 billion.
Addressing shareholders at the AGM, Prof. Chika Mordi, Chairman of the Board of United Capital Plc, said that despite the macroeconomic pressures of 2022, United Capital Plc reported strong financial performance.
He noted that in addition to its financial performance, United Capital Plc’s subsidiaries individually recorded significant performance 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. The Trustees 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 totaling N21 billion,” he said.
Outlook: Speaking on the company’s outlook for the 2023 financial year, Mr. 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 organization 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.”
Microfinance banking license: He noted that United Capital Plc has already put plans in motion to expand its commercial operations.
Ashade said the financial service company recently received 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 adding that it has also expanded its footprints globally, securing a strategic partnership with two leading Swiss investment banks.
What shareholders said: Speaking at the AGM, one of the shareholders, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude said that the shareholders are glad and appreciate the management for managing the company to profitability.
- “We want to congratulate United Capital for a pretty job well done. The payment of the dividends is impressive, we urge them to keep doing well and make more shareholders buy the shares. We pray that they pay higher dividends next year”, Igbrude noted.
What you should know: United Capital Plc is listed on the Nigerian Stock Exchange (NGX) since January 13th, 2013. United Capital is traded on the NGX under the ticker symbol “UCAP”. The company is currently with a market capitalization of N 70.8 billion.
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