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United Capital Plc, the pan-African financial services group headed by Nigerian investment banker Peter Ashade, has announced robust financial results for its 2023 fiscal year ended Dec. 31, with a profit of $8.75 million.
According to its recently published financial statement, the company’s performance is marked by an 18-percent year-on-year increase in profit after tax to N11.42 billion ($8.73 million) and a 70.64-percent surge in gross earnings compared to the same period in the previous year.
The growth in profit was primarily attributed to the robust performance of the group’s gross earnings, which increased by 70.64 percent, climbing from N26.9 billion ($20.55 million) in 2022 to N45.9 billion ($35.07 million) in the fiscal year 2023.
Lagos-based group sees assets, earnings surge
United Capital is a fast-growing banking and investment services firm that provides financial products and services to enterprises, governments, high-net-worth individuals, and institutional and retail investors across Africa, under the leadership of Ashade, a prominent banker who has been at the helm of the firm since 2018.
The group’s total assets climbed to N931.9 billion ($723.7 million) as of Dec. 31, 2023, from N601.9 billion ($467.4 million) a year earlier, on the back of strong financial performance. Retained earnings rose to N31.73 billion ($24.63 million) from N29.3 billion ($22.74 million) over the same period.
Buoyed by the robust financials, the board of directors proposed a dividend of N1.8 ($0.0014) per share, for a total of N10.8 billion ($8.4 million). The proposed dividend will be subject to withholding tax at the prevailing rate and will be paid to shareholders whose names appear on the register of members as of the record date of April 10, 2024.
Ashade highlights strong performance despite challenges
Commenting on the Group’s financial performance, Peter Ashade, the group CEO, emphasized the company’s strong performance, stating, “I am delighted to inform our stakeholders that the United Capital Group delivered on its promise as profit before tax grew by 28 percent year-on-year despite the challenging macroeconomic and operating environment.”
“As we proceed into the 2024 financial year, we remain focused on our mandate of improving stakeholder value and transforming the lives of our esteemed clients through the disciplined execution of our strategic priorities effectively designed to position United Capital as the most formidable Pan African financial services group,” he concluded.
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