United Capital reports impressive full-year scorecards

United Capital Plc has released its audited financial statements for the year ended December 31, 2020. The company reported impressive growth across key indicators during the year under review despite the challenging global climate.

Total revenue in full year 2020 grew by 50 percent to N12.87 billion from N8.59 billion in FY 2019. Net Operating Income of N12.49 billion in 2020, compared to N7.90 billion in 2019, representing 58 percent growth year-on-year.

Profits before tax (PBT) recorded a significant growth of 61 percent to N7.95 billion in 2020, compared to N4.95 billion in 2019, while profit after tax (PAT) was up 57 percent year-on-year to N7.81 billion in 2020, compared to N4.97 billion in 2019.

An increase of 48 percent was recorded in Total Assets, being well financed by a 52 percent increase in liabilities, while Shareholders Fund grew by 25 percent to N24.43 billion in 2020 as against N19.59 billion in 2019 on the back of a strong 29 percent growth in retained earnings. Earnings Per Share stood at 130 kobo from 2019 low of 83 kobo.

Despite these 2020 impressive scorecards, equity investors at the Nigerian

Stock Exchange ( NSE) on Monday, February 22 still moved to sell the stock which impacted negatively on its pricing. The stock closed at N6 on Monday, losing 35 kobo or 5.51 percent. Though it is still near its 52-week high of N6.57 as against 52-week low of N1.90.

While commenting on the performance, Peter Ashade, Group CEO, United Capital Plc said, “I am pleased to inform all stakeholders that United Capital Plc delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in revenue, PBT and PAT and solid performance across key business parameters. This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges.”

Discussing the result further he said: “Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing bestin-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021.”