United Capital Plc (NGX: UCAP) has released its Unaudited Financial Results for the period ended June 30, 2023. Gross Earnings was up by 20.9%% year-on-year to N11.01 billion, PBT grew 5.7% year-on-year to N5.54billion, and PAT also rose by 5.7% year-on-year to N4.69 billion.
KEY PERFORMANCE HIGHLIGHTS
Income Statement
- Gross Earnings: N11.014 billion in H1 2023, compared to N9.11billion in H1 2022
- Net Operating Income: N9.2billion in H1 2023, compared to N8.11billion in H1 2022.
- Operating expenses: N5.75 billion in H1 2023, compared to N4.06billion in H1 2022.
- Profit Before Tax: N5.54 billion in H1 2023, compared to N5.24billion in H1 2022.
- Profit After Tax: N4.69 billion in H1 2023, compared to N4.44billion in H1 2022.
- Annualized Earnings Per Share: 156 kobo (H1 2022: 148 kobo)
Statement of Financial Position:
Total Assets: N805.77 billion, compared to N601.92 billion as at December 2022
The major components of the company’s assets are:
- Cash and cash equivalents: N214.73 billion (N149.87 billion as at December 2022).
- Investment Securities: N527.02 billion (N386.54 billion as at December 2022).
Total Liabilities: N757.24 billion, compared to N568.93 billion as at December 2022.
Major components of the liabilities:
- Managed funds: N478.64 billion (N413.7 billion as at December 2022).
- Borrowed funds: N120.53 billion (N100.45 billion as at December 2022
Shareholders Fund: N48.54 billion, compared to N32.99 billion as at December 2022
The major components are ‘retained earnings’ which declined to N25.00 billion from N29.31 billion as at December 2022 and ‘fair value reserves’ which soared to N19.85 billion from minus N9.88 billion as at December 2022.
Cash flow:
- Net cash generated by operating activities: N171.72 billion, compared to N109.63 billion generated in 2022.
- Net cash used in investing activities: N97.08 billion, compared to N20.09 billion used in 2022.
- Net cash used in financing activities: N11.72 billion compared to N8.04 billion generated in 2022.
About United Capital Plc (UCAP)
- United Capital Plc (previously called UBA Capital Plc) was incorporated in Nigeria, as a public liability company, on 3 August, 2012, to act as the ultimate holding company for the United Capital Group.
- UCAP was listed on the Nigerian Stock Exchange on 17 January, 2013. It changed its name to United Capital Plc following the approval of the resolution by shareholders on 16th December, 2014.
- The principal activities of the Group are mainly the provision of investment banking services, portfolio management services, securities trading and trusteeship.
- UCAP has 6 billion outstanding ordinary shares and a market capitalization of N35.880 billion. It shares were trading at N12.80 at the close of trading on Tuesday on The Nigerian Exchange Limited.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
