United Capital grows profit by 57% to N7.81b in 2020

By February 23, 2021 NEWS

United Capital Plc has released its audited financial statements for the year ended December 31, 2020 with total revenue in FY 2020 growing 50% to N12.87billion from N8.59bn in FY 2019 while profits before tax up 61% to N7.95 billion compared to N4.95 billion in 2019 and profit after tax (PAT) was up 57% to N7.81 billion in 2020, compared to N4.97 billion in 2019year-on-year.

Profit Before Tax: N7.95 billion in 2020, compared to N4.95 billion in 2019 (61% growth yearon-year)

An increase of 48% was recorded in total assets by the group, being well financed by a 52% increase in Liabilities, while shareholders fund grew 25% on the back of a strong 29% growth in retained earnings.

While commenting on the group’s performance the Group CEO, Mr. Peter Ashade said, “I am pleased to inform all stakeholders that United Capital Plc delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in Revenue, PBT and PAT and solid performance across key business parameters.

“This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges.”

Discussing the result further he stressed that; “Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021.”

Source: Worldstage