March 29, 2023

United Capital shareholders approve N9bn dividend payment

SEC, dividends

By Nkiruka Nnorom 

The shareholders of United Capital Plc have approved a N9 billion dividend payment earlier recommended by the Board of Directors.

This translates to N1.50 for every 50 kobo ordinary shares held by the shareholders. 

Addressing shareholders at the company’s Annual General Meeting (AGM) which also coincided with its 10th celebration as a quoted company, in Abuja, Prof. Chika Mordi, Chairman of the Board of United Capital Plc, said that despite the macroeconomic pressures of 2022, the company reported an outstanding financial performance, recording a 13 percent year-on-year increase in Profit Before Tax to N13.50 billion, a 49 percent year-on-year increase in gross earnings to N26.90 billion, and a 33 percent year-on-year increase in total asset to N601.92 billion.

“The Group’s Return-on-Average-Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions, signifying solid growth in the overall profitability of the Group and its subsidiary businesses.

“In addition to our outstanding financial performance, United Capital Plc subsidiaries individually recorded significant milestones 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 Nigeria’s debt capital market by a corporate entity.  

“Our 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.

Speaking on the company’s outlook for the 2023 financial year, Mr. Peter Ashade, Group CEO, United Capital, said: “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.”