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 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.

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. The Group’s total assets increased by 36% year-to-date, now standing at N1.26 trillion, while Shareholders’ Funds grew by 27% year-to-date, reaching N115.03 billion. This outstanding performance underscores the Group’s commitment to delivering value to investors and shareholders, even amidst a challenging economic climate.

Peter Ashade, Group CEO, United Capital

Peter Ashade, Group Chief Executive Officer of United Capital Group, commented on this achievement saying:


“Our 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.”


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


Looking ahead, Ashade remarked, “As 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.”

KEY PERFORMANCE HIGHLIGHTS Income Statement:                                   
  • Gross Earnings: N17 billion in 9M 2024, compared to N17.51 billion in 9M 2023  (61% growth year-on-year)
  • Operating expenses: N14 billion in 9M 2024, compared to N8.26 billion in 9M 2023 (35% growth year-on-year)
  • Profit Before Tax: N73 billion in 9M 2024, compared to N N9.72 billion in 9M 2023 (93% growth year-on-year)
  • Profit After Tax: N98 billion in 9M 2024, compared to N8.47 billion in 9M 2023  (89% growth year-on-year)
  • Annualized Earnings Per Share: 355 kobo in 9M 2024, compared to 188 kobo in 9M 2023 (89% growth year-on-year)
Statement of Financial Position:
  • Total Assets: N26 trillion, compared to N931.95 billion as at December 31, 2023 (36% year-to-date growth)
  • Total Liabilities: N15 trillion, compared to N841.23 billion as at December 31, 2023 (37% year-to-date growth)
  • Shareholders Fund: N03 billion, compared to N90.71 billion as at December 31, 2023 (27% year-to-date growth)

United Capital’s 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.

JOSEPH ONYEMA

Head, Group Enterprise Performance Management
Joseph Onyema
Joseph is the Head, Group Enterprise Performance Management at United Capital Plc.
Over the last 16 years, Joseph has worked with and led teams whose responsibilities cut across a major spectrum of technology transformational and retail growth projects and consultancy. Joining the group in 2017, Joseph started out leading the technology team for 5+ years in the position of the Group, Chief Information Officer, a role in which his focus on execution to reposition the business was exemplary, hence leading to increased digital presence, retail growth and improved revenues, with keen focus on our growth during the COVID-19 pandemic where the business was run totally virtual and saw outstanding growth in customers, revenue and profitability.​
Leveraging on his education, performance, experience and spirit of execution, Joseph transitioned to the Group Head, Enterprise Performance Management, where he brings his analytical and technological prowess coupled with his background in managing teams and businesses to bare in monitoring and tracking business units and employees performances, while helping them to improve in their performance and ensuring the group continues to win in all its endeavours.
Before joining United Capital, Joseph headed the Group Technology Operations at Cordros Capital Limited where he transitioned the business from a High Net-worth Individual (HNI) focused business to retail-focused business with total leverage on technology to drive B2C sales across verticals while exploring new markets and partnerships. Prior to Cordros Capital, he had led the Enterprise & Cloud Services team at Soft Solutions Limited, an IT Consultancy firm with a footprint across 15 Nigerian banks on enterprise security, cloud projects, and consultancy where he developed, deployed, and led support teams to manage several financial and FMCG application suites.
A Tony Elumelu entrepreneur from 2016 before joining the group, and a member of the prestigious Beta Gamma Sigma international business honor society, continues to reinvent himself and deliver exceptionally to the United Capital family.