{"id":18993,"date":"2024-10-24T14:41:56","date_gmt":"2024-10-24T13:41:56","guid":{"rendered":"https:\/\/unitedcapitalplcgroup.com\/?p=18993"},"modified":"2024-10-24T14:41:56","modified_gmt":"2024-10-24T13:41:56","slug":"united-capital-delivers-solid-earnings-performance-records-93-growth-yoy-in-profitability","status":"publish","type":"post","link":"https:\/\/unitedcapitalplcgroup.com\/launch\/2024\/10\/24\/united-capital-delivers-solid-earnings-performance-records-93-growth-yoy-in-profitability\/","title":{"rendered":"United Capital Delivers Solid Earnings Performance – Records 93% Growth YOY In Profitability"},"content":{"rendered":"\t\t
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United Capital Delivers Solid Earnings Performance - Records 93% Growth YOY In Profitability<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFollowing a series of impressive quarters, United Capital Group has delivered an outstanding financial performance in Q3 2024, further cementing its upward growth trajectory. Its financial results for the period ended September 30, 2024, reveal a remarkable 93% year-on-year growth in Profit Before Tax (PBT) to N18.73 billion and an 89% year-on-year growth in Profit After Tax (PAT) to N15.98 billion.<\/strong>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In addition to these impressive revenue and profit metrics, the Pan-African investment management and financial services group recorded a Gross earnings growth of 61% year-on-year, amounting to N28.17 billion<\/b>. The Group\u2019s total assets increased by 36% year-to-date, now standing at N1.26 trillion, while Shareholders\u2019 Funds grew by 27% year-to-date, reaching N115.03 billion<\/b>. This outstanding performance underscores the Group\u2019s commitment to delivering value to investors and shareholders, even amidst a challenging economic climate.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Peter Ashade, Group Chief Executive Officer of United Capital Group, commented on this achievement saying:\n<\/p>

\n\u201cOur group recorded an outstanding financial performance in Q3 2024 despite the challenging and uncertain business environment characterized by rising inflationary trends, a volatile currency exchange rate, and the fast-changing macroeconomic landscape. This success is a testament to the resilience of our business model, strong risk management framework, and effective execution of our well-crafted strategies. I sincerely appreciate the Board, shareholders, customers, and staff of United Capital Group for their unwavering support and strong dedication to our strategic mission.\u201d\n<\/p>

\nAshade highlighted key milestones contributing to the Group\u2019s overall success this quarter, including the historic issuance of Nigeria\u2019s first-ever Domestic FGN US Dollar Bond in September, which raised over $900 million<\/b> and achieved an outstanding 180% subscription rate<\/b>. Additionally, the Group expanded its service offerings with the launch of its seventh subsidiary, UCEE Microfinance Bank<\/b>, in August 2024.\n<\/p>

\nLooking ahead, Ashade remarked, \u201cAs we enter the last quarter of the year, we remain committed to sustaining this momentum and delivering superior value to our shareholders. Through technology-driven solutions and innovative strategies, we are focused on exceeding expectations and driving exceptional value for our stakeholders. Our goal remains to establish ourselves as the leading investment banking and financial services hub in Africa, furthering our mission to democratize wealth creation across the continent.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tKEY PERFORMANCE HIGHLIGHTS<\/strong>\nIncome Statement:\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>\n
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  • Gross Earnings: N17 billion in 9M 2024, compared to N17.51 billion in 9M 2023 \u00a0(61% growth year-on-year)<\/li>\n \t
  • Operating expenses: N14 billion in 9M 2024, compared to N8.26 billion in 9M 2023 (35% growth year-on-year)<\/li>\n \t
  • Profit Before Tax: N73 billion in 9M 2024, compared to N N9.72 billion in 9M 2023 (93% growth year-on-year)<\/li>\n \t
  • Profit After Tax: N98 billion in 9M 2024, compared to N8.47 billion in 9M 2023 \u00a0(89% growth year-on-year)<\/li>\n \t
  • Annualized Earnings Per Share: 355 kobo in 9M 2024, compared to 188 kobo in 9M 2023 (89% growth year-on-year)<\/li>\n<\/ul>\nStatement of Financial Position: <\/strong>\n
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    • Total Assets: N26 trillion, compared to N931.95 billion as at December 31, 2023 (36% year-to-date growth)<\/li>\n \t
    • Total Liabilities: N15 trillion, compared to N841.23 billion as at December 31, 2023 (37% year-to-date growth)<\/li>\n \t
    • Shareholders Fund: N03 billion, compared to N90.71 billion as at December 31, 2023 (27% year-to-date growth)<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      United Capital\u2019s Q3 results reinforces its position as a market leader, showcasing consistent growth across key financial metrics. The Group has shown consistency in its commitment to delivering value to its stakeholders, exemplified in the disbursement of its first-ever interim dividend of N0.90k to shareholders earlier this year.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      United Capital Delivers Solid Earnings Performance – Records 93% Growth YOY In Profitability Following a series of impressive quarters, United Capital Group has delivered an outstanding financial performance in Q3 2024, further cementing","protected":false},"author":1,"featured_media":15249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-18993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release"],"_links":{"self":[{"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/posts\/18993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/comments?post=18993"}],"version-history":[{"count":0,"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/posts\/18993\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/media\/15249"}],"wp:attachment":[{"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/media?parent=18993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/categories?post=18993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitedcapitalplcgroup.com\/launch\/wp-json\/wp\/v2\/tags?post=18993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}