United Capital Plc has announced profit before tax (PBT) of N7.95 billion in its 2020 operations against N4.95 billion achieved in the corresponding period in 2019.
The organisation reviewed its performance at the 2020 annual general meeting (AGM) held in Lagos on Wednesday, March 24.
Speaking at the event, the chairman of the company, Chika Mordi, said the company’s PBT increased by 61 percent from N4.95 billion to N7.95 billion while revenue grew by 50 per cent to N12.87 billion.
Mordi explained that the group’s return on average equity for the 2020 financial year stood at 35 percent, one of the highest among listed financial services institutions, an indication of its strong value creation for shareholders.
Also peaking, the Group Chief Executive Officer, Peter Ashade, said: “Our financial performance, in what was a year of protracted disruptions, is a testament of our unwavering commitment to our clients’ needs, come what may.”
The firm also recorded landmark achievements during the year. The company’s corporate ratings improved from BBB+ to A- with a stable short-term and long-term outlook reflective of an investment-grade institution.
Meanwhile, Techeconomy.ng reported that the firm had recorded positive results for the year ended December 30, 2020, as its Profit Before Tax (PBT) jumped by 61 percent to N7.95 billion (PBT), compared to N4.95 billion in 2019, showing an increase of 57 percent above the N4.97 billion in 2019.
The company, in its financial statement posted on the official website of Nigeria Stock Exchange (NSE), recorded revenue of N12.874 billion in 2020, showing a growth of 50 percent from N8.592 billion posted in 2019.
The statement read that the company’s revenue growth was achieved on the back of strong growth in fee and commission income (+77 per cent), investment income (+42 percent), and net trading income which was up 453 percent.
According to the statement, the PBT margin gained 4.13 percentage points to 62 percent in 2020, relative to 58 percent in 2019. Similarly, PAT margin also improved by 2.79 percentage points to 61 percent, despite to a tax charge of 2.0 percent in 2020 relative to a tax credit of N23.7 million in 2019.