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United Capital’s profit up by 61% to N7.95 billion

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United Capital Plc, has recorded 61 per cent growth in Profit Before Tax, PBT to N7.95 billion   for the year ended December 2020 from N4.95 billion in 2019.

Consequently, the company recorded a 57 per cent increase in   Profit After Tax, PAT   which rose to   N7.81 billion N4.97 billion in 2019.

The marked increase in profitability was inspired by a 50 percent growth in gross earnings which rose N12.87 billion in 2020, from   N8.59 billion in   2019.  

 

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Furthermore, United Capital recorded a 48 per cent increase in total assets   to N224.75 billion in 2020 from   N150.46 billion in the 2019; while shareholders’ funds grew to N24.43 billion rising by 25 per cent from 19.59 billion a year earlier.

Consequently,   the Directors of United Capital have proposed a dividend of 70 kobo per share, amounting to a total of N4.2 billion dividend to be paid upon ratification by shareholders at its forthcoming Annual General Meeting, AGM. The 70kobo dividend per share, which is higher than the 50k per share declared in 2019, is payable to shareholders whose names appear on the Register of Members at the close of business on March 5, 2021.

The Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, expressed delight on the performance, which according to him is cheering news despite the challenges that most companies faced in the year 2020.  

He said, “I am pleased to inform all stakeholders that United Capital delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in revenue, PBT and PAT and solid performance across key business parameters.

“This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges,” Ashade noted.

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