THUR, JULY 13 2023-theGBJournal | United Capital Plc, (NGX: UCAP, Bloomberg: UCAP:NL, Financial Times: UCAP: LAG) has announced its Unaudited Financial Results for the period ended June 30, 2023.
Gross Earnings of the foremost pan-African investment banking and financial services group, rose by 21% year-on-year to N11.01billion while Profit before tax grew 6% year-on-year to N5.54billion, and profit after tax settled up by 6% year-on-year to N4.69billion.
Total Assets also beat expectations, growing by 34% year-to-date to N805.77billion.
Shareholders’ Fund grew by 47% year-to-date to N48.54billion in HY 2023 compared to N32.99billion in FY 2022 largely attributable to increase in fair value reserve during the period under review.
The institution’s net operating income reached N9.26billion in HY 2023, compared to N8.11billion in HY 2022 (14% growth year-on-year) while operating expenses rose to N5.75 billion in HY 2023, compared to N4.06billion in HY 2022 (41% growth year-on-year)
“Our strong H1-2023 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2023 amid the very challenging operating environment in the first half of the year,” the Group Chief Executive Officer, Mr. Peter Ashade said of the stellar results.
”Going into the second half of the year 2023, we continue to see emerging opportunities across all our business entities especially as new political dispensations settle in across the country.
We are uniquely positioned to work with all agencies of government to implement the economic development objectives in line with the policy direction of the new administration which leans heavily on the capital markets and financial services industry.
We will navigate the undulating business landscape in the remaining half of the year
by harnessing opportunities that economic reforms will present to the financial services
sector towards increasing value delivery to all shareholders”.
The company said it will be hosting an Investors and Analysts conference call in due course to discuss its performance and overall outlook for the rest of 2023.
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