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Shareholders in happy mood as United Capital records 96% price gain

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United Capital

Some shareholders of United Capital Plc have expressed excitement over the financial performance of the company as its stock appreciated by 96.2 percent from N2.40 to N4.71.

Techeconomy.ng gathered the investment banking group closed 2020 as the seventh highest price gain for year and the demand for the stock pushed its price by almost 100 percent, outperforming the Nigerian Stock Exchange (NSE) All-Share Index.

The shareholders explained that the performance of the company despite the difficult operating environment rose hope for the dividend.

Speaking about the performance, Moses Igbrude said although United Capital Plc operated in the financial sector that witnessed headwinds, the board, and management of the company have ensured the company record improved results.

Igbrude said: “United Capital Plc has shown significant resilience, reporting improved results despite the headwinds in the financial sector, where it operates.

“This performance is a strong indication that in the midst of the challenges, the company has been able to sustain a positive performance as at the nine months ended September 2020.

 “This is good news for any investor that expecting dividends because it very likely that the company would end the year with dividends.”

Commenting on the results, the Group Chief Executive Officer (CEO),  Peter Ashade, had said: “Notwithstanding the challenges, the group has remained nimble.

“We continued to implement our business growth and continuity plans premised on a solid risk assessment framework to ensure we remained focused on providing best-in-class solutions to all client segments.

“These contributed to the impressive growth across our businesses leading to 33 percent growth in revenue and 26 percent increase in both PBT and PAT during the nine-month period.”

According to him, going into the last quarter of the year, they were encouraged by the increasing market confidence in their brand even in the wake of the most globally devastating pandemic of the last century.

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He said: “We know the operating environment is turbulent, but we are committed to delivering superior returns to our shareholders, as we drive growth and profitability across all our businesses.”

Ashade also disclosed in line with their initial strategy for the 2020 business year, “we shall continue to push further our market diversification and cost-optimization 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.”

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