United Capital Plc, (NGX: UCAP) has announced its Unaudited Financial Statements for the period ended March 31, 2022.
The company grew its gross earnings by 35% year-on-year to N4.21 billion in Q1 2022 from N3.12 billion in Q1 2021, driven by growth in Fee and Commission income to N1.75 billion in Q1 2022 (+32% year-on-year) and Investment Income to N1.64 billion in Q1 2022 (+3% year-on-year).
Net operating income rose by 14% to N3.55 billion in Q1 2022, compared to N3.10 billion in Q1 2021.
The profit before tax grew by 36% year-on-year to N2.69 billion, while the profit after tax rose 39% year-on-year to N2.31 billion, compared to N1.66 billion in Q1 2021.
The earnings per share rose to 154 kobo in Q1 2022 from 111 kobo in Q1 2021.
United Capital’s total assets appreciated by 2.28% year-to-date to N463.93 billion, compared to N453.60 billion as at FY 2021, largely driven by 111% growth in cash and cash equivalents during the period under review.
The company’s total liabilities grew by 4% year-to-date N440.08 billion, compared to N423.05 billion as at FY 2021, majorly driven by 69% year-to-date increase in other liabilities during the period under review.
United Capital’s Shareholders’ funds declined by 22% year-to-date to N23.85 billion, relative to FY 2021’s value at N30.55 billion. The retained earnings are down by 23% YTD due to the impact of N9 billion dividend payout during the period under review.
The company’s equity price is down 2.53% to N13.50 per share at the time of writing this report. YTD the share price is nearly 40%.
“As a financial market player, capital market operator, investment manager, and consumer lender, we play a unique role in expanding service offerings in the financial services ecosystem while creating and distributing wealth amongst diverse stakeholders,” said the Group Chief Executive Officer, Mr. Peter Ashade, while commenting on the Group’s performance.
“United Capital is on a sustainable growth trajectory driven by increasing patronage and expanded activities across all our businesses, and market segments that we serve.
“We kicked-off the year 2022 on a sure footing and we are poised to deliver new services and expand into new markets to grow our businesses in line with our three-year growth strategy.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
