United Capital Plc (UCAP) Achieves Remarkable Growth, Reports 111% Increase in Profit After Tax

… Pays N2.40K Total Dividend Per Share

United Capital Plc has announced its impressive financial results for the 2024 fiscal year, marking a seven-year growth trajectory.

The company’s Profit After Tax (PAT) surged by 111.03% to N24.10 billion, up from N11.42 billion in 2023.

Key Highlights:

– Gross earnings increased by 82.50% due to income from loans, dividend income, and interest from placements and bonds.
– Fee and commission income rose by 80.18%, driven by financial advisory fees and other fees and commissions.
– Net trading income grew by 61.17%, resulting from gains from the sale of financial instruments.
– Net gain on financial assets at fair value through profit and loss increased by 18.77%.

Efficiency in Cost Management:

– Total expenses declined by 45.51%, demonstrating the company’s ability to manage its expenses effectively.
– The total expenses-to-gross earnings ratio decreased significantly by 63.26%.

Impressive Financial Position:

– Profit before income tax accelerated by 73.96%, showcasing continuous growth in profitability.
– Profit for the year increased by 111.06%, delivering value to stakeholders.

Dividend Distribution:

United Capital Plc has proposed a final dividend of 50 Kobo per share for the 2024 financial year, bringing the total dividend distribution for the year to N2.40. This represents a significant increase from the previous year’s dividend payout.

The company’s dividend payouts have grown substantially over the past decade, rising by 860% from 25 Kobo to N2.40.

Outlook:

As United Capital Plc enters the 2025 financial year, the company remains committed to rewarding its shareholders while sustaining its remarkable performance. With a focus on leading the Nigerian capital market and unlocking new opportunities on the African continent, United Capital Plc is poised for continued growth and success.