United Capital recorded 61% profit growth in 2020

United Capital, a Pan-African financial and investment services group, has recorded 61 per cent profit growth for the year ended December 31, 2020.

According to a statement, the firm’s audit results showed that it also recorded double-digit growth across all its major income lines.

Despite the COVID-19 pandemic and the resultant challenging operating environment, the investment institution leveraged on increased efficiency to deliver an impressive 61 per cent year-on-year growth in Profit Before Tax (PBT) to N7.95bn compared with N4.95bn at the end of 2019.

The Profit After Tax (PAT) stood at N7.81bn, showing an increase of 57 per cent above the N4.97bn it closed in 2019.

United Capital also recorded a 50 per cent year-on-year growth in gross earnings to close at N12.87bn in December, 2020, compared to N8.59bn recorded in 2019.

With the strong performance, the directors of United Capital have proposed a dividend of 70 kobo per share, amounting to a total of N4.2bn dividend to be paid upon ratification by shareholders at its forthcoming Annual General Meeting (AGM).

The 70 kobo dividend per share, which is higher than the 50 kobo per share declared in 2019, is payable to shareholders whose names appear on the register of members at the close of business on March 5, 2021.

Commenting, the Group Chief Executive Officer of United, Mr Peter Ashade, said, “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.”