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BUSINESS & ECONOMYCapital MarketCOVERNEWS

United Capital Grew Revenue By 50% In 2020

United Capital grew revenue by 50% in 2020

United Capital Plc grew by 50 per cent to N12.87 billion in 2020, accord audited financial statements for the year ended December 31, 2020.

The company had reported N8.59 billion revenue in 2019.

The group reported impressive growth across key indicators during the year under review despite the challenging global climate.

Also, profits before tax recorded a significant growth of 61 percent, while profits after tax was up 57 per cent year-on-year.

An increase of 48 per cent was recorded in total assets, being well financed by a 52 per cent increase in Liabilities, while Shareholders Fund grew 25 per cent on the back of a strong 29 per cent growth in retained earnings.

Based on the impressive performance, the directors proposed a dividend of 70 kobo per share, amounting to a total of N4.2 billion dividend to shareholders, compared to 50 kobo paid the previous year.

While commenting on the group’s performance the Group Chief Executive Officer, Mr. Peter Ashade, said, “I am pleased to inform all stakeholders that United Capital Plc delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in revenue, PBT and PAT and solid performance across key business parameters.

“This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges.”

Discussing the result further he explained,  “Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021.”

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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