United Capital Records N5.5bn Profit, to Pay N2.1bn Dividend

United Capital Plc, one of Africa’s leading investment banking groups, yesterday announced a dividend of N2.1 billion for the year ended December 31, 2017. The dividend, which translates to 35 kobo per share will be paid out of N5.5 billion recorded for the year. According to the audited results of the company, gross earnings stood at N8.9 billion, compared with N9 billion in 2016, showing a marginal decline of one per cent. Operating income improved by five per cent from N6.7 billion in 2016 to N7.0 billion in 2017. However, profit declined by 13 per cent from N6.4 billion to N5.5 billion owing to non-recurrent foreign exchange revaluation gains of N1.3 billion realised in 2016. In 2016, the group recognised one-off foreign exchange gains of N1.3 billion following the devaluation of the naira. However, shareholders’ funds improved by 18 per cent from N14.2 billion to N16.8 billion despite a drop in total asset by 15 per cent attributable to significant payouts to bondholders by the Trustee business. Based on the performance the directors proposed that a dividend of 35kobo per ordinary share of 50 kobo each, to be paid to shareholders upon approval at the annual general meeting(AGM) to shareholders whose names appear on the Register of members at the close of business on March 8, 2018.

Commenting, Group Chief Executive Officer of United Capital Plc, Oluwatoyin Sanni said: “United Capital continues to pursue a clear and consistent strategy, which will always deliver a strong performance for shareholders, and we remain positive about our future op- portunities within the Nigerian and African market.” According to her, the company remains committed to achieving its goal of building Africa’s leading investment banking group and to delivering service excellence across all of its business units in pursuit of its strategic objectives in 2018. She highlighted some of the 2017 successes in key business areas to include:the launch of two new mutual funds – Wealth for Women Fund and Nigerian Eurobond Fund; financial advisory services to the UBA $500 million Eurobond; Issuing House and Joint Trustee Mandate to the Lagos State Government N100 billion bond issue; received an ‘A-’ Credit Rating from Agusto & Co, an upgrade from the firm’s ‘BBB+’ rating the previous year (2015) and awarded ‘Most Outstanding Company of the year 2017 by the Pearl Awards Board.