In the year 2023, United Capital has seen a remarkable increase in gross revenue by 71% to N45.90bn.
The firm’s audited financial results for 2023, submitted to the Nigerian Exchange Limited, revealed a significant surge in revenue, primarily attributed to a 63% rise in net trading income and an astonishing 865% increase in other income compared to the previous year.
Profit before tax for the financial service firm escalated by 28% to N17.30bn, while post-tax profits rose by 18% to N11.42bn.
Total assets experienced a 55% growth, reaching N931.95bn from N601.92bn in 2022, largely driven by an 80% increase in investment securities.
A dividend of N10.8bn was declared by the firm as shareholders’ funds surged by 175% to N90.71bn, up from N32.99bn the previous year, supported by an increment in fair value reserve during the year.
Sharing his thoughts on the Group’s performance, the Group Chief Executive Officer, Mr Peter Ashade, expressed, “I am pleased to announce that the United Capital Group has fulfilled its commitment with a 28% growth in Profit before Tax year-on-year, despite the challenging economic landscape. This affirms our dedication to enhancing shareholder value by leveraging our unique strengths as a robust and diversified financial services Group.
“Gross earnings for United Capital surged by 71% year-on-year to N45.90bn, Profit before Tax increased by 28% year-on-year to N17.30bn, Profit after Tax rose by 18% year-on-year to N11.42bn, Shareholders’ funds grew by 175% year-on-year to N90.71bn, and total assets expanded by 55% year-on-year to N931.95bn.
“Moving into the 2024 financial year, our focus remains on enhancing stakeholder value and transforming the lives of our esteemed clients through the effective implementation of our strategic priorities, aiming to position United Capital as the leading Pan African financial services group.”