Business and Economy

United Capital Plc posts N6.37bn profit for financial year ended December 31, 2016

United Capital Plc, an investment banking group in Africa, has announced N6.37 billion as profit before tax for financial year ended December 31, 2016, showing 95 per cent increase over N3.27 billion posted in the previous year in 2015.
The profit after tax also grew by 169 per cent to N6.9 billion, up from N2.57 billion in posted in the same period in 2015, while the gross earnings for the period rose to N9 billion from N6.15 billion in 2015, representing a 46 per cent increase from the previous year. Also, the company’s Earnings Per Share (EPS) rose from 43 kobo in 2015 to 115 kobo in the review period and dividend per share of 50 kobo as against 35 kobo last year.
According to the company, the impressive performance in a year characterized by high volatility and uncertainty of key macro-economic indices, was driven by the Group’s growing market share, efficient execution of key mandates and effective cost management driven by improvements in operations and IT capabilities, ‘thereby ensuring that we optimize value and retain a significant proportion of earnings.’ in her comment, the Group CEO, United Capital, Oluwatoyin Sanni, said: “We continue to pursue our clear and consistent strategy, which has delivered a strong performance for shareholders, and we remain positive about our future opportunities within the Nigerian and African market, not withstanding the challenging macro-economic environment.”

By Nkiruka Nnorom-

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