United Capital grows 2020 profit by 57%

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United Capital grows 2020 profit by 57%

United Capital Plc has announced its audited financial statements for the year ended December 31, 2020 with Profit After Tax increasing by 57 percent to N7.81 billion in 2020, compared to N4.97 billion in 2019.

The Group, in a regulatory filing of its audited financial result with The Nigerian Stock Exchange (NSE) Monday, also reported impressive growth across key indicators during the year under review despite the challenging global climate.

An analysis of its financial showed that total revenue in 2020 grew 50 percent to N12.87 billion from N8.59 billion recorded in 2019.

Profit Before Tax recorded a significant growth of 61 percent growth to stand at N7.95 billion in 2020, compared to N4.95 billion in 2019.

The company’s statement of financial position further indicates a total assets of N224.75 billion, compared to N150.46 billion as at December 31 2019, representing a 48 percent growth year-on-year, while shareholders fund grew 25 percent on the back of a strong 29 percent growth in retained earnings.

In specific terms, Shareholders Fund rose to N24.43 billion year-on-year relative to N19.59 billion as at December 31 2019.

The Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, while addressing stakeholders said that the company delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in revenue, profit before tax and profit after tax and solid performance across key business parameters.

Ashade stressed that this empowers United Capital Plc to adopt a more positive outlook for the year 2021 as it navigates the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges.

“Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021”, he said.


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