United Capital Plc Posts Stellar 9-Month Performance with 20% Gross Earnings Growth in 2023

United Capital Plc has announced its Unaudited Financial Results for the period ended September 30, 2023.

Gross Earnings rose by 20% year-on-year to N17.51 billion, PBT increased by 7% year-on-year to N9.72 billion, PAT grew by 10% year-on-year to N8.47billion and total assets grew by 22% year-to-date to N732.50billion.

United Capital Highlights

❖ Gross Earnings: N17.51billion in 9M 2023, compared to N14.55billion in 9M 2022 (20% growth year-on-year)
❖ Net Operating Income: N15.01billion in 9M 2023, compared to N13.49billion in 9M 2022 (11% growth year-on-year)
❖ Operating expenses: N8.26billion in 9M 2023, compared to N5.74billion in 9M 2022 (44% growth year-on-year)
❖ Profit Before Tax: N9.72billion in 9M 2023, compared to N N9.12billion in 9M 2022 (7% growth year-on-year)
❖ Profit After Tax: N8.47billion in 9M 2023, compared to N7.72billion in 9M 2022 (10% growth year-on-year)
❖ Annualized Earnings Per Share: 188 kobo. (9M 2022: 171 kobo) Statement of Financial Position:
❖ Total Assets: N732.50billion, compared to N601.92billion as at December 2022 (22% year-to-date growth)
❖ Total Liabilities: N671.29billion, compared to N568.93billion as at December 2022 (18% year-to-date growth)
❖ Shareholders Fund: N61.21billion, compared to N32.99billion as at December 2022 (86% year-to-date growth)

Commenting on the unaudited financial results, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say: “United Capital’s third quarter performance reflects our strong ability to deliver sustainable earnings despite the challenging operating business environment. This is on the back of a reinforced risk management system and solid execution capabilities.

While we are focused on our strategic objective of improving our services and financial offerings to our clients, we remain committed to our promise of delivering superior value to our shareholders. This is evident in our performance as we grew gross earnings by 20% year-on-year to N17.51billion, total assets by 22% year-to-date to N732.50billion and Shareholders’ funds by 86% year-to-date to N61.21billion during the period.

“As we proceed into the fourth quarter of the year, we are positive about the emerging
opportunities in our operating environment and we are confident that all our businesses are well positioned to optimise their capabilities in the current dispensation.”