United Capital Posts N4bn Gross Earnings, N2bn Profit in Six Months
United Capital Plc, a pan-African investment banking group listed on the Nigerian Stock Exchange (NSE) yesterday announced its results for the half year (H1) ended June 30, 2018. The results are for a period when average yield in the fixed income market moderated to 13.4 per cent in July 2018, thereby lowering yields for most financial services outfits. Also, the equities market closed flattish as the euphoria which greeted the beginning of the year fizzled out in the later part as investors took flight to safety.
However, an analysis of the performance of United Capital Plc showed improved performance. Gross earnings was N3.881 billion in H1 2018, up from N3.876 billion in the corresponding period of 2017. Net operating income stood at N3.1 billion compared with N3.3 billion.
The company adopted cost reduction strategies that saw personnel expenses fall from N636 million to N633 million, while other operating expenses reduced from N809 million to N726 million in 2018.
Consequently, profit before tax improved from N3.378 billion to N3.394 billion, while profit after tax increased from N1.997 billion to N2.010 billion in 2018.
Commenting on the results, the Group Chief Executive Officer of United Capital Plc, Mr. Peter Ashade said the company would continue to pursue a clear and consisted strategy, which will always deliver a strong performance for shareholders.
“And we remain positive about our future opportunities within the Nigerian and African market notwithstanding the challenging macro-economic environment,” he declared.
Ashade took over the running of United Capital July 2018, following the exit of Mrs. Olutoyin Sanni after 12 years in the group.
Until this appointment, Ashade was the Chief Executive Officer of Africa Prudential Plc, a pure play registrar company.
“Ashade’s appointment is an exciting milestone for United Capital Plc. He is a transformative leader with a sterling record of industry leadership, and a deserved reputation for innovation and meticulous execution with customers as the unwavering focal point. He possesses an instinctive understanding of the distinct ethos of United Capital and its performance culture. He has the resolute support of the board of directors at United Capital to cement the heritage of his illustrious predecessors and accelerate the pursuit of our pan-African goals, superior stakeholder value, and client collaborative intensity,’ Chairman, United Capital Plc, Chika Mordi had said.
Ashade had said he was honoured to accept this new appointment , saying United Capital Plc had been at the forefront of product innovation and the development of the capital markets in Africa.
“I look forward to embarking on this new journey and working with the company’s leadership and its many committed employees,” he said.