Connect with us

Company News

United Capital Plc Surpasses Expectations with 21% YoY Growth

Leading Pan-African Investment Bank Reports N11.01 Billion Gross Earnings and N5.54 Billion Profit Before Tax, Showing Sustained Profitability and Market Confidence

Published

on

United Capital - Investors King

United Capital Plc, a leading pan-African investment banking and financial services group, recorded a 21% year-on-year gain for the period ended June 30, 2023

The company posted N11.01 billion in gross earnings while the company’s Profit Before Tax (PBT) also grew by 6% year-on-year to N5.54 billion, indicating sustained profitability and effective cost management.

United Capital Plc reported a Profit After Tax (PAT) of N4.69 billion, representing a 6% increase compared to the previous year.

In terms of financial position, United Capital Plc demonstrated remarkable growth in Total Assets, which increased by 34% year-to-date to N805.77 billion.

Examining the financial ratios, the Price-Earnings (P/E) Ratio for United Capital Plc stood at 10.08 for the first half of 2023, indicating the market’s confidence in the company’s future earnings potential.

The Earnings per Share (EPS) also showed positive growth, rising to 156 kobo, compared to 148 kobo in the same period last year.

Highlights United Capital of Income Statement

❖ Gross Earnings: N11.01billion in HY 2023, compared to N9.11billion in HY 2022 (21% growth year-on-year)
❖ Net Operating Income: N9.26billion in HY 2023, compared to N8.11billion in HY 2022 (14% growth year-on-year)
❖ Operating expenses: N5.75billion in HY 2023, compared to N4.06billion in HY 2022 (41% growth year-on-year)
❖ Profit Before Tax: N5.54billion in HY 2023, compared to N N5.24billion in HY 2022 (6% growth year-on-year)
❖ Profit After Tax: N4.69billion in HY 2023, compared to N4.44billion in HY 2022 (6% growth year-on-year)
❖ Annualized Earnings Per Share: 156 kobo. (HY 2022: 148 kobo) Statement of Financial Position:
❖ Total Assets: N805.77billion, compared to N601.92billion as at December 2022 (34% year-to-date growth)

❖ Total Liabilities: N757.24billion, compared to N568.93billion as at December 2022 (33% year-to-date growth)
❖ Shareholders Fund: N48.54billion, an 47% year-to-date decrease relative to December 2022’s value at N32.99billion.

Looking ahead and commenting on the Group’s performance, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say, “Our strong H1-2023 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2023 amid the very challenging operating environment in the first half of the year.

Going into the second half of the year 2023, we continue to see emerging opportunities across all our business entities especially as new political dispensations settle in across the country.

We are uniquely positioned to work with all agencies of government to implement the economic development objectives in line with the policy direction of the new administration which leans heavily on the capital markets
and financial services industry.

We will navigate the undulating business landscape in the remaining half of the year by harnessing opportunities that economic reforms will present to the financial services sector towards increasing value delivery to all shareholders.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Company News

Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

Published

on

Facebook Meta

The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

Continue Reading

Company News

Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

Published

on

flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

Continue Reading

Company News

Again, NNPCL Fails to Make Port Harcourt Refinery Functional After Several Promises 

Published

on

NNPC - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending