United Capital Plc will reward shareholders with a dividend payout of N9 billion, translating to N1.50 per every ordinary share for full year 2022.
The company released its audited financial results for the year ended December 31, 2022 on the Nigerian Exchange (NGX) Limited. In spite of economic oscillations, the company recorded impressive margins, with its gross earnings grew by 49 per cent year-on-year to N26.90 billion in 2022 from N18.07 billion in 2021.
Operating income stood at N24.39 billion in 2022, higher than N16.24 billion recorded in 2021. Profit before tax rose by 13 per cent to N13.50 billion as against N11.92 billion in 2021, while earnings per share stood at N1.61 in full year 2022.
Total assets for the company amounted to N601.92 billion, compared to N453.60 billion as at full year 2021, a growth of 33 per cent year-on-year, while shareholders’ fund grew by eight per cent to N32.99 billion from N30.55 billion in 2021.
Speaking on the Group’s performance, the Group chief executive officer of United Capital, Mr. Peter Ashade, said: “during the year 2022, we navigated a difficult terrain to sustain our earnings growth and deliver decent returns to shareholders while strengthening our organizational resilience to factors militating against business growth, particularly in emerging economies.”
Ashade noted that, “our operating environment despite the undulating landscape continues to present windows of opportunities for all our businesses in the locations we operate. This is accentuated by the 49 per cent growth in revenue to N26.90 billion which helped offset increased operating expenses resulting from very high inflation and severely impacted macroeconomic environment which we anticipated in Q4, 2022.”
He added that, “we remain upbeat about sustaining our performance in 2023 having kicked off the year in a robust financial position with close to N1 trillion funds under management comprising trusts, mutual funds, and other professionally managed investments for our clients across diverse segments.
“The Group is better positioned to deliver on our growth objectives while remaining competitive and sustainably profitable. We will continue to prioritize activities that create and preserve value for all our stakeholders into the foreseeable future.”
For United Capital, the fiscal year under review also marked the beginning of a new corporate strategy cycle poised to propel the company to new heights – a strategy that has already begun to yield results, as evidenced by its financial performance, pan-African footprints, expansion into global markets, and strategic partnership with two leading Swiss investment banks.