United Capital Records N8.47bn Profit in 9months

United Capital Plc has posted net profit of N8.47 billion in its unaudited financial results for the period ended September 30, 2023.

The results released to the investing public on the Nigerian Exchange revealed that profit after tax grew by 10 per cent to N8.47 billion, compared to N7.72 billion in nine months, 2022, while annualized Earnings Per Share stood at N1.88 as against N1.71 in the corresponding period of 2022.

Gross Earnings for the period amounted to N17.51 billion, compared to N14.55 billion in nine months, representing 20 per cent growth year-on-year. Net operating income rose by 11 per cent to N15.01 billion in 2023 from N13.49 billion in 2022, while operating expenses recorded a year-on-year growth of 44 per cent to N8.26 billion in 2023, compared to N5.74 billion in 2022.

Also, total Assets for the Company stood at N732.50 billion, a growth of 22 years, compared to N601.92 billion as at December 2022. The shareholders’ funds posted N61.21 billion, compared to N32.99 billion as at December 2022, recorded 86 per cent year-to-date growth.

Speaking on the unaudited financial results, the Group chief executive officer of United Capital, Mr. Peter Ashade said: “United Capital’s third quarter performance reflects our strong ability to deliver sustainable earnings despite the challenging operating business environment.”

According to him, 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 per cent year-on-year to N17.51 billion, total assets by 22 per cent year-to-date to N732.50 billion and Shareholders’ funds by 86 per cent year-to-date to N61.21 billion 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,” he pointed out.