United Capital Approves N9bn Dividend for 2021

United Capital Approves N9bn Dividend for 2021

United Capital Plc, a financial services group, says its board of directors has approved a total dividend of N9 billion for the financial year ended Dec. 31, 2021, after an earnings beat.

A statement issued by the company’s Chairman, Mr Chika Mordi on Friday in Abuja, said the dividend translated to N1.50 for every 50k share; an increase of 114 per cent when compared with 70k paid in the financial year 2020 – the pandemic year.

In spite of the macroeconomic pressure, the company’s total revenue was up by 40 per cent year-on-year to N18.07 billion from N12.87 billion achieved in 2020, the company’s leadership said.

Operating profit grew to N12.12 billion in 2021, up by 53 per cent from N7.95 billion in 2020. The company’s audited statement shows that profit before tax was up by 50 per cent to N11.92 billion signifying solid growth in the overall profitability of the Group.

“In addition, the total assets of the Group rose by 104 per cent year-on-year to N453.60 billion by December 2021.

“This was driven by significant growth in managed funds while shareholders’ funds were up by 25 per cent to N30.55 billion largely due to the significant growth in profit after tax,” he said. READ: United Capital Unveils N150 Billion Infrastructure Fund

Commenting on the group’s performance, the Group Chief Executive Officer, Mr Peter Ashade, said the company would focus on the transformation agenda.

He maintained this would be done by deepening value propositions to key market segments and exploiting new market opportunities in the financial year 2022 business. “Our stakeholders can be assured of our commitment to keeping delivering an exceptional result,’’ Ashade said. #United Capital Approves N9bn Dividend for 2021