United Capital shareholders approve N4.2bn dividends

By Nkiruka Nnorom

Shareholders of United Capital Plc have approved the payment of N4.2 billion, translating to 70 kobo per share dividend earlier recommended by the Board of Directors.

They gave the approval at the company’s 2021 Annual General Meeting (AGM) in Lagos, which also streamed live in keeping with Covid-19 protocols. Addressing shareholders at the meeting, Mr. Chika Mordi, Chairman, Board of Directors of United Capital, stated the company is cognizant of the challenges in the current volatile, complex and uncertain environment, but said that the management would strive to maximize value creation for all stakeholders.

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He said: “I am confident in our ability to deliver superior returns to you as we have put in place appropriate measures to respond to scenarios that the year 2012 could throw at us. Hence, we believe that we would make progress in our quest to be build Africa’s leading investment bank.

“Despite the macroeconomic pressure, United Capital Plc reported an outstanding financial performance in 2020. Total revenue was up 50 percent year-on-year to N12.87 billion in 2020 from N8.59 billion in 2019. Profit Before Tax grew to N7.95 billion in 2020, up 61 percent from N4.95 billion in 2019, signifying solid growth in the overall profitability of the Group.

The Group’s Return on Average Equity for the 2020 financial year stood at 35 percent, one of the highest among listed financial services institutions, highlighting strong value creation for our shareholders”.

Speaking to the Company’s outlook for the 2021 financial year, the company’s Group CEO, Mr. Peter Ashade, said: “Our financial performance, in what was a year of protracted disruptions, is a testament of our unwavering commitment to our clients’ needs, come what may.”

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