United Capital posts record N11.4 billion profit, up 18% YoY

United Capital Plc has reported its 2023 FY results showing a gross earnings of N45.9 billion up 71% from the year before.

The company also reported a profit after tax of N11.42 billion representing an 18% rise year on year from the N9.66 billion reported a year earlier.

Key highlights 2023 FY vs 2022 FY

• Gross Earnings: N45.90 billion vs N26.90 billion, YoY 71%
• Operating expenses: N29.28 billion vs N13.72 billion YoY, 113%
• Profit Before Tax: N17.30 billion vs N13.50 billion, YoY, 28%
• Profit After Tax: N11.42 billion vs N9.65 billion, YoY 18%
• Earnings Per Share: 190 Kobo vs 161 Kobo, YoY 18%
• Dividends: N1.80 per share (N10.8 billion), for shareholders whose name appear as of April 9th 2024

Commentary: The company’s Gross Earnings largely driven by growth in Net trading income (+63% year-on year) and other income (+865% year-on-year).