United Capital Plc, led by Nigerian investment banker Peter Ashade, has announced strong financial results for the fiscal year ending December 31, 2023, with a profit of $8.75 million.
The company’s last financial statement shows an 18% year-on-year growth in profit after tax to N11.42 billion ($8.73 million) and a 70.64 percent increase in gross earnings compared to the same period last year.
Profit growth was principally driven by the group’s strong gross earnings, which climbed by 70.64 percent from N26.9 billion ($20.55 million) in 2022 to N45.9 billion ($35.07 million) in fiscal year 2023.
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. The firm is led by Ashade, a prominent banker who has been in charge since 2018.
The group’s total assets increased to N931.9 billion ($723.7 million) as of December 31, 2023, up from N601.9 billion ($467.4 million) the previous year, owing to outstanding financial performance. Retained earnings increased to N31.73 billion ($24.63 million) from N29.3 billion ($22.74 million) during the same period.
The board of directors suggested a dividend of N1.8 ($0.0014) per share, totaling N10.8 billion ($8.4 million), citing strong financial results. The proposed dividend will be subject to withholding tax at the current rate and paid to shareholders whose names appear on the register of members as of April 10, 2024.
Peter Ashade, CEO of United Capital Group, highlighted the company’s strong financial 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 went on to say.
