United Capital posts 57% growth in annual profit
United Capital Plc, a pan-African financial and investment services group, has reported an increase of 57 percent in its profit after tax for the 2020 financial year.
The company’s audited results, released on Monday, showed that its after-tax profit rose to N7.81 billion in 2020 from N4.97 billion in 2019.
Its profit before tax increased by 61 percent to N7.95 billion in 2020 from N4.95 billion in 2019 as its gross earnings grew to N12.87 billion from N8.59 billion.
United Capital saw its total assets soar to N224.75 billion at the end of last year from N150.46 billion as at December 31, 2019.
Its total liabilities increased to N198.32 billion from N130.88 billion as at December 31 2019.
The company grew its shareholders fund by 25 per cent to N24.43 billion from N19.59 billion as at December 31, 2019.
The Group Chief Executive Officer, United Capital, 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.”
He said despite the tough operating environment, all stakeholder groups could be assured of the company’s commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders.
According to Ashade, the company is working with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021.
