United Capital grows Profit after Tax by 67%, as revenue hits N3.12bn


Uba Group

Uba Group


UNITED Capital Plc, a leading investment bank in Nigeria and Pan-African financial and investment services group, announced on Thursday that it recorded a 67 per cent increase in Profit After Tax in the first quarter of 2021.

The Group’s Unaudited Financial Statements for the period ended March 31, 2021, also showed a revenue of N3.12billion and Profit Before Tax of N1.97billion, while it delivered Earnings Per Share of 111 kobo.

While commenting on the group’s performance, the Group Chief Executive Officer, Peter Ashade, said, “I am pleased to inform all 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%, increased PBT of 68% and PAT increase of 67%.”

He added, “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, reopening 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-optimisation 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.”

A statement on Thursday said United Capital Plc remained a leader in the financial and investment services space, with a mission to provide bespoke and innovative value-added services to its clients.

“The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies and individuals,” it said.

The group is listed on the Nigerian Stock Exchange and is at the forefront of becoming the financial and investment role model across Africa by leveraging on innovation, technology, and specialist skills to exceed client expectations, while creating more value for all stakeholders.