United Capital approves N9bn dividend for 2021

United Capital Plc, a financial services group, says its board of directors has approved a total dividend of N9 billion for the financial year ended Dec. 31, 2021.

A statement issued by the company’s Chairman, Mr Chika Mordi on Friday in Abuja, said the dividend which translated to N1.50 for every 50k share was an increase of 114 per cent when compared with 70k paid in 2020.

He said that in spite of the macroeconomic pressure, the company’s total revenue was up by 40 per cent year-on-year to N18.07 billion from N12.87 billion achieved in 2020.

“Operating profit before tax grew to N12.12 billion in 2021, up by 53 per cent from N7.95 billion in 2020.

“While profit before tax was up by 50 per cent to N11.92 billion signifying solid growth in the overall profitability of the Group.

“In addition, the total assets of the Group rose by 104 per cent year-on-year to N453.60 billion by December 2021.

“This was driven by significant growth in managed funds while shareholders’ funds was up by 25 per cent to N30.55 billion largely due to the significant growth in profit after tax,” he said.

Commenting on the group’s performance, the Group Chief Executive Officer, Mr Peter Ashade, said the company would focus on the transformation agenda.

He maintained this would be done by deepening value propositions to key market segments and exploit new market opportunities in 2022 business year.

“Our stakeholders can be assured of our commitment to keep delivering an exceptional result,’’ Ashade said.