United Capital Shareholders Approve N9bn Dividend Payout

Kayode Tokede

The shareholders of United Capital Plc, yesterday approved a dividend payout of N9billion at the company’s Annual General Meeting held in Abuja.

The approved dividend translates to a dividend of N1.50 for every 50 kobo ordinary share, much to the satisfaction of shareholders.

It was a dual celebration as the company marked its 10th year as a listed company on the Nigerian Exchange Limited (NGX).

Providing context for the financial performance at the meeting, Chairman of the Board of United Capital, Prof. Chika Mordi said “Despite the macroeconomic pressures of 2022, United Capital reported an outstanding financial performance.

“The Group’s Return on Average Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions, signifying solid growth in the overall profitability of the Group and its subsidiary businesses.”

He added that, “We are confident in our ability to deliver consistent superior returns as we have put in place appropriate strategies to respond to possible scenarios that the year 2023 could throw at us.”

In addition to its outstanding financial performance, United Capital’s subsidiaries individually recorded significant milestones during the year.

The Investment Bank acted as Joint Issuing House to Dangote Industries Limited (DIL) $1 billion bond issuance, the largest bond issuance in the Nigerian Debt Capital Market by a corporate entity.

Its Asset Management subsidiary won the award for the Fastest Growing Investment Management Company in Nigeria at the 2022 International Finance Awards and remains among the top three fund managers in Nigeria.

The Trustees business cemented its industry leadership as the number one Trustee business in Nigeria in terms of Funds under Management (FUM) and its Consumer Finance business disbursed over 130,000 loans totalling N21 billion.

Speaking on the company’s outlook for the 2023 financial year, Mr. Peter Ashade, Group Chief Executive Officer said, “This year marks our 10th year as a publicly quoted company on the Nigerian Exchange and I am delighted to affirm that it has been a decade of excellence and progress for both the organisation and its shareholders.

“This year, business sustainability, innovation, digitalization, and increasing global competition for talent are megatrends that will define how we operate given our long-term business objectives and goals.

“We will continue to position the organization as a globally reputable financial institution with the best team of professionals creating solutions and unique experiences for our clients and delivering superior value to all stakeholders while fostering social development and promoting financial inclusion across the geo-political zones that we operate.”

As a precursor to the meeting, United Capital presented its financial statement, recording impressive numbers despite evident market volatility.

The board of Directors, at the event, announced a 13per cent year-on-year increase in Profit Before Tax to N13.50 billion, a 49per cent year-on-year increase in Gross Earnings to N26.90 billion, and a 33per cent year-on-year increase in Total Asset to N601.92 billion.