MON, 18 JULY, 2022-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, 2022, reporting 33% year-on-year growth in gross earnings to N9.11billion, and Annualized Earnings Per Share of 148 kobo. (HY 2021: 105 kobo).
The HY 2021 gross earnings is largely attributable to growth in Fee and Commission income (+24% year-on-year), Investment Income (+9% year-on-year) and net trading income (586% year-on-year).
The Financial and Investment Services Company also reported profit before tax (PBT) growth of 40% year-on-year to N5.24billion, and 41% year-on-year to N4.44billion growth in profit after tax (PAT).
Net Operating Income grew 19% y-on-y to N8.11billion in HY 2022, compared to N6.81billion in HY 2021 while the company recorded 30% growth in Operating expenses to N4.06billion in HY 2022, compared to N3.11billion in HY 2021.
Speaking on the unaudited financial results, The Group Chief Executive Officer, Mr. Peter Ashade stated: “United Capital is in a stable growth phase amid the challenging operating terrain in 2022. We expect to navigate the undulating business landscape in the remaining half of the year towards increasing value delivery to all stakeholder.’’
Looking ahead Ashade, said, “Going into H2, we see vistas of emerging business opportunities within our operating environment and will be collaborating with diverse business leaders and stakeholders across critical economic sectors to deliver new solutions and grow all our businesses in line with our corporate strategy. Our impressive H1-2022 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2022. This uniquely positions the organization to increasing deliver shared prosperity to all stakeholders”
Meanwhile, during the period under review, total assets grew by 17% year-to-date to 531.79billion in HY 2022 compared to 453.60billion in FY 2021 majorly driven by 318% growth in cash and cash equivalents.
However, Shareholders’ funds declined by 13% year-to-date to N26.53billion in HY 2022 compared to N30.55billion in FY 2021 ‘’due to N9billion dividend payout during the period under review,’’ according to the company.
Total liabilities also grew by 19% year-to-date to N505.27billion in HY 2022 compared to N423.05billion in FY 2021 largely driven by 20% year-to-date growth in Managed fund and 45% year-to-date growth in other liabilities.
United Capital Plc management, they shall be hosting an Investors and Analysts conference call on Wednesday 27th July 2022 to discuss the performance and overall outlook for the rest of 2022.
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