United Capital grows profit by 72% to N5.97b in Q3 2021

WorldStage Newsonline– United Capital Plc has announced its Unaudited Financial Statements for the period ended September 30, 2021 with total revenue up  by 60% year-on-year to N11.33bn, profit before tax (PBT) grew by 72% year-on-year to N7.09 billion, whilst total assets grew by 80% year-to-date to N400.75 billion.

Highlights of the result released at the Nigerian Exchange on Friday put revenue at N11.33 billion in 9M 2021, compared to N7.07 billion in 9M 2020 (60% growth yearon-year); Operating Income: N11.08 billion in 9M 2021, compared to N6.76 billion in 9M 2020 (64% growth year-on-year); Operating expenses: N4.24 billion in 9M 2021, compared to N2.95 billion in 9M 2020 (44% growth year-on-year); Profit Before Tax: N7.09 billion in 9M 2021, compared to N4.12 billion in 9M 2020 (72% growth year-on-year);

Others include Profit After Tax: N5.97 billion in 9M 2021, compared to N3.46 billion in 9M 2020 (72% growth year-on-year); Annualized Earnings Per Share: 133 Kobo. (2020: 77kobo). This represents 72% growth yearon-year; Total Assets: N400.75 billion, compared to N222.75 billion as at FY 2020 (80% year-to-date growth); Total Liabilities: N373.86 billion, compared to N198.32billion as at FY 2020 (89% year-to-date growth); and Shareholders’ Fund: N26.89 billion, compared to N24.43 billion as at FY 2020 (10% year-to date growth)

Commenting on the Group’s performance the Group CEO, Mr. Peter Ashade said, “I am pleased to inform our stakeholders that United Capital ended the third quarter of the year with another outstanding performance. We delivered an increased revenue of 60% year-onyear, PBT growth of 72% year-on-year to N7.09b and total asset growth of 80% year-to-date.

“During the period under review, United Capital successfully listed three series commercial papers worth N19.72 billion on the FMDQ Securities Exchange. The CPs were issued under the company’s N50 billion commercial paper issuance program. This has further positioned us as a company to provide a wider range of wholesale financing solutions to our clients and complement funding base and support for all our businesses.

“Another remarkable point to note was the Nigerian Stock Exchange’s reclassification of United Capital shares from Low Price Stock Group to Medium Price Stock Group in August 2021 driven by steady growth in the company’s share price over the past months due to our consistent impressive performance over the years.

“I want to assure our stakeholders that we are optimistic on sustaining this exciting performance in the last quarter of the year and beyond. We remain focused on our transformation agenda and to continue to provide best-in-class solutions to all client segments. We are also committed to deliver superior returns as we seek to always delight our shareholders.”

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