United Capital Makes N1.42bn Profit

During the Annual General Meeting of United Capital Plc, it announced its 2016 Q1 profit before tax of N1.42bn, up from N0.89bn in Q1 2015, which  represents a 59 per cent increase. The company’s gross earnings stood at N1.85bn, up from N1.30bn in Q1 2015, representing a 42 percent increase from the previous year. The firm’s profit after tax also grew by 61 per cent in Q1 2016, closing at N1.13bn, up from N0.71bn in 2015 which prompted the company to declare a 35 kobo dividend to shareholders.

The group said it exhibited a continuous growth despite the prolonged economic challenges in the market in 2015. Commenting on the results, the group’s Chief Executive Officer, Oluwatoyin Sanni, said, “We entered the new year with a full understanding of what was ahead of us. Therefore, we prepared for and anticipated the roadblocks and adjusted accordingly.

“We adopted a group-wide operational approach of ‘effectiveness and efficiency’ in delivering superior services to our clients in order to achieve our goals. We believe this will help us maintain sustained growth through the remaining quarters of the year.”

The company stated that it’s Q1 performance was driven by the group’s growing market share, efficient execution of key mandates and effective cost management driven by improvements in operations and Information Technology capabilities while retaining a significant proportion of earnings.