United Capital logo
InvestNow

UNITED CAPITAL ASSERTS MARKET DOMINANCE

Delivers outstanding financial results and announces unprecedented Interim Dividend

Peter Ashade
  • Records Profit After Tax increase by 65% to N7.74billion
  • Announces first-ever interim dividend payout of N0.90
  • Enhances shareholder value with issuance of 2 bonus shares per unit
United Capital has once again demonstrated its market dominance with a stellar financial performance in the first half of 2024, providing substantial value to its investors and shareholders. In its recently-released unaudited financial results for the period ended June 30, 2024, United Capital reported a profit after tax increase of 65% year-on-year to N7.74 billion, a profit before tax increase of 63% year-on-year to N9.06 billion, and a gross earnings growth of 38% year-on-year to N15.15 billion. The company’s total assets also rose by 27% year-to-date to N1.19 trillion, while shareholders’ funds increased by 33% year-to-date to N120.34 billion.

Highlights of the HY-2024 Performance below:

 

Earnings HY 2024  HY 2023  Change 
Gross Earnings (N’bn) 15.15 11.01 38% 
PBT (N’bn)   9.06 5.54  63% 
PAT (N’bn)   7.74 4.69  65% 
Financial Position June 2024 December 2023 Change 
Total Assets (N’bn) 1,185.63 931.95 27% 
Total Liabilities (N’bn) 1,065.29 841.23 27% 
Shareholders’ Funds (N’bn)   120.34 90.71 33% 
Financial Ratios HY 2024  HY 2023  Change 
**EPS (kobo)258 156  65% 
*Price-Earnings Ratio  10.2810.082%

 

This impressive performance is further spotlighted by the investment group’s announcement of its first-ever interim dividend payout of N0.90 per share, a landmark event in the financial services sector in 2024. This dividend not only stands as the first, by any listed company in the sector this year but substantially exceeds the interim dividends declared by tier 1 banks in the previous year. In addition to this, United Capital also announced a 2-for-1 bonus share issuance to its shareholders – a bold move from the financial services company.

 

For shareholders and observers of United Capital, these substantial declarations come as no surprise, as the company has consistently maintained an upward trajectory of success. Its stock price has demonstrated remarkable growth, increasing by an impressive 158.3% over the past year. Compared to tier 1 banks and its other financial institution (OFI) peers, United Capital has outperformed all, delivering a remarkable 73.50% year-to-date return. These exceptional performances cement United Capital’s position as a formidable force in the market, signaling to investors and competitors alike that United Capital is here for the long haul and a force to be reckoned with.

 

As United Capital Plc continues to set new benchmarks and deliver unparalleled value, the market eagerly anticipates what the second half of 2024 will bring. In a statement to the press, the Group CEO of United Capital Plc, Mr. Peter Ashade, reaffirmed their commitment to sustaining this momentum into the second half of the year. He assured stakeholders of the company’s unwavering commitment to keep delivering exceptional results and providing excellent services.

Indeed, it is a good time to be a shareholder of United Capital Plc.

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.