United Capital Plc, a foremost investment bank and pan-African financial services group, has been recognized for the second consecutive year, as one of Africa’s fastest growing companies by globally acclaimed news publication, Financial Times. The announcement was made in a report compiled by Statista, a global market research and data analytics company titled ‘FT ranking: Africa’s Fastest Growing Companies 2023’.
The editorial which debuted last year, identifies the top performing companies in Africa’s private sector, reflecting trends across the continent’s corporate landscape, and spotlighting companies that have achieved exponential growth in their respective sectors. This year, particularly, the list showcases top 100 companies that have not only managed to stay afloat but have achieved tremendous growth despite an economic clime that has seen many global businesses shut down.
With an Absolute Growth Rate (AGR) of 95.1% and a Compound Annual Growth Rate (CAGR) of 24.9%, United Capital Plc ranked top amongst financial services companies in Africa. According to the report, the financial conglomerate achieved a growth in revenue from a recorded $25.6 million in 2018 to $44.8 million in 2021.
“We are delighted to be named one of Africa’s fastest growing companies by the Financial Times for the second year in a row,” said Mr. Peter Ashade, Group CEO, United Capital Plc. “Our steady growth is as a result of our strong focus on innovation and digital transformation, commitment to providing optimal customer service, and diversification into new markets. Most importantly, this recognition is a testament to the bold strides consistently taken by the United Capital team to propel our organization to greater heights.
Maintaining its upward growth trajectory, United Capital Plc recorded 49% year-on-year increase in Gross Earnings to N26.90 billion and PBT rising by 13% year-on-year to N13.50 billion in its recently released financial results for FY2022. The company also recorded 33% year-on-year growth in Total Assets to the tune of N601.92 billion, while Shareholders’ Funds increased by 8% year-on-year to N32.99 billion.
In line with its strategic plans for expansion to new markets, United Capital Plc has obtained a license from the Central Bank of Nigeria (CBN) to operate as a microfinance bank, allowing it to expand its business activities (and potential earnings) even further.
About United Capital Plc
For over 5 decades, United Capital Plc has remained a leader in the financial and investment services space, offering a robust suite of service offerings: Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, and Consumer Finance. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.
The group is listed on the Nigerian Exchange Limited (NGX) and is at the forefront of becoming the financial and investment role model across Africa by leveraging on innovation, technology, and specialist skills to exceed client expectations, while creating more value for all stakeholders.
Article from Business Insider Africa