United Capital Announces 41% Increase in Profit After Tax in H1 2022

United Capital on Monday announced it realised N4.4 billion in profit after tax for the first half (H1) of the year.

In the unaudited financial statement obtained by Investors King, the company’s gross earnings grew by 33% to N9.11 billion, up from N6.85 billion in the first half of 2021.

Profit before tax expanded by 40% from N3.72 billion in H1 2021 to N4.44 in H1 2022. See other details below.

United Capital Financial Highlights for 2021

❖ Gross Earnings: N9.11billion in HY 2022, compared to N6.85billion in HY 2021 (33% growth year-on-year)
❖ Net Operating Income: N8.11billion in HY 2022, compared to N6.81billion in HY 2021 (19% growth year-on-year)
❖ Operating expenses: N4.06billion in HY 2022, compared to N3.11billion in HY 2021 (30% growth year-on-year)
❖ Profit Before Tax: N5.24billion in HY 2022, compared to N N3.74billion in HY 2021 (40% growth year-on-year)
❖ Profit After Tax: N4.44billion in HY 2022, compared to N3.14billion in HY 2021 (41% growth year-on-year)
❖ Annualized Earnings Per Share: 148 kobo. (HY 2021: 105 kobo) Statement of Financial Position:
❖ Total Assets: N531.79billion, compared to N453.60billion as at December 2021 (17% year-to-date growth)

❖ Total Liabilities: N505.27billion, compared to N423.05billion as at December 2021 (19% year-to-date growth)
❖ Shareholders Fund: N26.53billion, an 13% year-to-date decrease relative to December 2021’s value at N30.55billion.

Speaking on the unaudited financial results, The Group Chief Executive Officer, Mr. Peter Ashade stated: “United Capital is in a stable growth phase amid the challenging operating terrain in 2022. We expect to navigate the undulating business landscape in the remaining half of the year towards increasing value delivery to all stakeholder.

Looking ahead and commenting on the Group’s performance, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say; “Going into H2, we see vistas of emerging business opportunities within our operating environment and will be collaborating with diverse business leaders and stakeholders across critical economic sectors to deliver new solutions and grow all our businesses in line with our corporate strategy.

Our impressive H1-2022 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2022. This uniquely positions the organization to increasing deliver shared prosperity to all stakeholders”