United Capital Sustains Impressive Growth as Profit Rises by 39% in Q1 2022

United Capital Plc, a financial and investment services company, reported a 39% increase in profit after tax to N2.31 billion for the first quarter (Q1) of 2022, the company disclosed in its unaudited financial statement.

Gross earnings grew by 35% year-on-year to N4.21 billion, while profit before tax appreciated by 36% in the same period to N2.69 billion. Net operating income rose by 14% from N3.12 billion in Q1 2021 to N3.55 billion in Q1 2022.

United Capital Financial Highlights

❖ Gross Earnings: N4.21 billion in Q1 2022, compared to N3.12 billion in Q1 2021 (35% growth year-on-year)

❖ Net Operating Income: N3.55 billion in Q1 2022, compared to N3.10 billion in Q1 2021 (14% growth year-on-year)

❖ Operating expenses: N1.64 billion in Q1 2022, compared to N1.15 billion in Q1 2021 (44% growth year-on-year)

❖ Profit Before Tax: N2.69 billion in Q1 2022, compared to N N1.97 billion in Q1 2021 (36% growth year-on-year)

❖ Profit After Tax: N2.31 billion in Q1 2022, compared to N1.66 billion in Q1 2021 (39% growth year-on-year)

❖ Annualized Earnings Per Share: 154 kobo. (Q1 2021: 111 kobo) Statement of Financial Position:

❖ Total Assets: N463.93 billion, compared to N453.60 billion as at FY 2021 (2% year-to-date growth)

❖ Total Liabilities: N440.08 billion, compared to N423.05 billion as at FY 2021 (4% year-to-date growth)

❖ Shareholders Fund: N23.85 billion, an 22% year-to-date decrease relative to FY 2021’s value at N30.55 billion.

Commenting on the company’s performance, Professor Chika Mordi, the Board Chairman, said “United Capital is on a remarkable growth path as reflected in our strong financial results in Q1-2022. We remain uniquely positioned to increase value delivery to all our stakeholders.”

Also, speaking on the group performance in the first quarter was the Group Chief Executive Officer, Mr. Peter Ashade. He said “As a financial market player, capital market operator, investment manager, and consumer lender, we play a unique role in expanding service offerings in the financial services ecosystem while creating and distributing wealth amongst diverse stakeholders.

“United Capital is on a sustainable growth trajectory driven by increasing patronage and expanded activities across all our businesses, and market segments that we serve. We kicked-off the year 2022 on a sure footing and we are poised to deliver new services and expand into new markets to grow our businesses in line with our three-year growth strategy.”