2021: United Capital proposes 114% increase in dividend

United Capital Plc, an investment bank and Pan-African financial services group, has proposed 114 per cent dividend increase to N1.50 for every 50k ordinary share for the financial year ended Dec. 31, 2021.

A statement by Mr Peter Ashade, the Group Chief Executive Officer of the company, disclosed this on Saturday.

The proposed dividend of N1.50 represents an increase of 114 per cent when compared with 70k paid by the company in 2020 financial year.

Ashade quoted Prof. Chika Mordi, the Chairman, Board of the company, as saying that the proposal had affirmed the company’s commitment to wealth creation for its shareholders.

Ashade also said the company’s gross earnings in 2021 was up by 40 per cent year-on-year which represented N18.07 billion from N12.87 billion in 2020.

He disclosed that the operating profit before tax of the company grew by 53 per cent year-on-year to N12.12 billion while the total assets grew by 104 per cent to N453.60 billion.

Ashade said that shareholders’ funds rose by 25 per cent year-on-year to N30.55 billion from N24.43 billion.

“Our strong performance was driven by exponential growth in business activities across all the market segments that we serve.

“United Capital is on a progressive path as witnessed in our strong earnings growth, and superior value delivery to shareholders over the years,” he said.

Ashade assured all stakeholders that the company was committed toward sustaining the organisational growth.

“We will continue to pursue developmental activities and actively engage regulatory authorities, investors, and relevant stakeholder groups towards deepening the capital market,

“We shall do this to also strengthen the broader financial system and drive financial inclusion to accelerate economic development.”