United Capital proposes 35kobo dividend per share

by Editor

March 1, 2018 | 12:12 am
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United Capital Plc released its audited 2017 full year financial results at the Nigerian Stock Exchange (NSE) which shows turnover of N8.9billion, a decline of 1 percent when compared to N9.001billion reported in 2016 financial year.

The company’s profit before tax (PBT) of N5.5billion for the year ended December 31, 2017 represents a decline of 12.9 percent from N6.36billion in 2016. Profit after tax declined by 36.9percent to N4.36billion, from N6.91billion in 2016.

The board of directors of United Capital Plc proposed a dividend of 35 kobo per share. The earnings per share (EPS) dropped by 36.5 percent to 73kobo from 115kobo in 2016.

Amid these results, United Capital Plc said it remains committed to achieving its goal of building Africa’s leading investment banking group and to delivering service excellence across all of its business units in pursuit of its strategic objectives in 2018.

In the review financial year, the shareholders’ funds improved by 18percent from N14.2billion to N16.8billion despite a drop in total asset by 15 percent of which the company attributes to significant payouts to bondholders by the Trustee business.

Despite sustained macroeconomic challenges in 2017, United Capital Plc has maintained its position as a market leader delivering innovative solutions to its clients across its businesses.

According to the company, the rise in group operating income was driven by efficient execution of key mandates in investment banking, trusteeship and securities brokerage and by the introduction of innovative products such as the Nigerian Eurobond Fund and the Wealth for Women Fund and by improvements in operations and IT capabilities, ensuring the optimization of value and retention of a significant proportion of earnings.

“United Capital continues to pursue a clear and consistent strategy, which will always deliver a strong performance for shareholders, and we remain positive about our future opportunities within the Nigerian and African market,” Oluwatoyin Sanni, Group Chief Executive Officer, United Capital stated.

Highlights of 2017 successes in key business areas include, but are not limited to:  The launch of two new Mutual Funds – Wealth for Women Fund and Nigerian Eurobond Fund;  Financial Advisory services to the UBA $500 million Eurobond; issuing House and Joint Trustee Mandate to the LASG N100billion Bond Issue; and received an ‘A-’ Credit Rating from top Pan African Credit Rating Agency, Agusto & Co, an upgrade from the firm’s ‘BBB+’ rating the previous year (2015).

by Editor

March 1, 2018 | 12:12 am
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