United Capital Plc, a pan-African financial services group and leading investment bank, has set the tone for the Q1-2023 financial declaration period with its recently released Unaudited Financial Statements for the period ending March 31, 2023.
Despite tough financial market conditions, the Group successfully delivered decent top and bottom-line earnings growth, providing a glimmer of hope for investors and the broader market.
The Group’s ability to navigate tough financial market conditions was evident in the stable growth across key income lines, with Gross Earnings rising by an impressive 27% year-on-year to N5.34 billion.
The Group’s Profit Before Tax (PBT) grew by 5% year-on-year to N2.82 billion, while Profit After Tax (PAT) was up 6% year-on-year to N2.44 billion.
Financial Highlights of United Capital Result
❖ Gross Earnings: N5.34 billion in Q1 2023, compared to N4.21 billion in Q1 2022 (27% growth year-on-year)
❖ Net Operating Income: N4.94 billion in Q1 2023, compared to N3.55 billion in Q1 2022 (39% growth year-on-year)
❖ Operating expenses: N2.66 billion in Q1 2023, compared to N1.64 billion in Q1 2022 (62% growth year-on-year)
❖ Profit Before Tax: N2.82 billion in Q1 2023, compared to N N2.69 billion in Q1 2022 (5% growth year-on-year)
❖ Profit After Tax: N2.44 billion in Q1 2023, compared to N2.31 billion in Q1 2022 (6% growth year-on-year)
❖ Annualized Earnings Per Share: 163 kobo. (Q1 2022: 154 kobo)
Commenting on the Group’s performance, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say: “I am pleased to inform our stakeholders that despite the economic peculiarities associated with election years, we recorded positive growth across our top and bottom line earnings during the first quarter, amid elevated cost of doing business and volatile financial markets globally in addition to a heated political landscape among other uncertainties in our domestic economy.
“Our business diversification strategy which we have pursued concertedly since 2019, and prudent risk management practice is yielding desired results in line with our long-term vision, sustaining our earnings growth, protecting investors’ assets, and strengthening our business model to withstand macroeconomic shocks in the harsh operating environment which continues to present a challenge for policymakers globally.
“Our business outlook and projections for the year remains positive and we are laserfocused on creating new business opportunities, improving our value propositions to meet our clients’ needs, and capturing optimal economic value to deliver decent returns to shareholders.”
