United Capital records N3.12bn revenue in Q1

United Capital Plc has announced a 63 percent growth in gross earnings to N3.12 billion in the first quarter (Q1) ended March 31, 2021, compared to N1.92 billion in Q1 2020.

The unaudited financial statement of the company for the period showed that it grew its Profit Before Tax (PBT) to N1.97 billion in Q1 2021, compared to N1.18 billion in the same period in 2020, indicating a 68 percent year-on-year (Y/Y) growth.

The company’s earnings per share also rose to 111 kobo from 66 kobo in Q1’20.

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Commenting on the results, Mr. Peter Ashade, Group CEO, United Capital, said: “I am pleased to inform all our stakeholders that United Capital Plc has commenced the first quarter of the year from a stable position with remarkable earnings growth and strong performance across key financial parameters even as we continued to navigate the tough terrain which at the moment, points to a recovery in the domestic economy amid other improving global macroeconomic developments.

“With our well-articulated plans and solid management framework, we were able to deliver an increased revenue of over 63 percent, increased PBT of 68 percent and PAT increase of 67 percent.

“This performance empowers us to adopt a positive outlook on the remaining part of the year 2021 as the operating environment improves supported by fiscal stimulus programmes, easing of restrictions on business operations, re-opening of international and domestic travels, resumption of wholesale and retail trading activities as well as the rebound in oil prices.

“We have continued to drive our strategy as we continue to push further our market diversification and cost-optimization initiatives as well as implement phased automation of our business processes whilst upholding our commitment to ensuring a significant improvement in our value delivery to all our stakeholders.

“Going into the remaining quarters, we remain diligently committed to delivering greater value to our stakeholders and providing best-in-class solutions to diverse client segments by constantly reviewing our strategy in the light of global and domestic developments.”

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