United Capital Posts Strong Growth Across Key Metrics, Profit Jumps by 64 Percent in H1 2021

United Capital Plc, a financial and investment services powerhouse in Nigeria, on Thursday, announced a 64 percent increase in profit after tax from N1.91 billion recorded in the first half of 2020 to N3.14 billion in the first half of 2021.

The company grew revenue by 56 percent year-on-year to N6.85 billion in the period under review, up from the N4.45 billion posted in the corresponding period of 2020.

Similarly, operating income expanded to N6.81 billion in the first half of 2021, representing an increase of 57 percent over the N4.35 billion achieved in the first half of 2020.

As expected, operating expenses surged with an increase in revenue and income, rose by 43 percent from N2.18 billion in the first half of 2020 to N3.11 billion in the first half of 2021.

Profit before tax also jumped, increasing by 65 percent to N3.74 billion in the first half of 2021, up from N2.27 billion in the first half of 2020.

Earning per share grew to 105 kobo in the period under review, representing a growth of 64 percent from 64 kobo filed in the same period of 2020.

Total assets stood at N320.23 billion in the first half of 2021, an increase of 44 percent when compared to N222.75 billion recorded in the first half of 2020. While the total liabilities also grew by 50 percent to N296.68 billion from N198.32billion filed in the same period of 2020.

Speaking on the group’s performance, Mr. Peter Ashade, the CEO, said “I am excited to inform our stakeholders that United Capital Plc recorded a very impressive half year 2021 result following a record year performance in 2020. We ended the first half of the year on a very high note as reflected in our earnings growth and strong financial performance.

“United Capital Plc is in a growth phase, and I must say that our strong financial performance is a testament of our unwavering commitment to increasing value creation for all our clients amid the harsh socio-economic environment and lingering effects of the devastating pandemic.

“In the remaining half of the year, we will be focused on our transformation agenda by deepening our value propositions to underserved market segments especially mass affluent and mass market clients, while driving phased automation of our business processes.

“Our bespoke affluent segment propositions including private trusts, and wealth management solutions are curated to increase, preserve, and transfer wealth for our fast-growing affluent customer base.

“Furthermore, our best-in-class digital platforms remain central to our purpose of transforming lives and promoting financial inclusion across Africa by providing easy access to collective investment schemes and micro loans while promoting socio-economic development. Our stakeholders can be assured of our commitment to delivering superior returns.

“More importantly, we will continue to work with our regulators and other capital market operators on structural reforms to deepen the capital market as the domestic economy continues the path to recovery.”