BEVERLY HILLS, March 24, (THEWILL) – Shareholders of United Capital Plc, now have cause to smile as they would be receiving a dividend of 70 kobo per share, totaling N4.2 billion for the year 2020.
This came after the shareholders had approved the proposed dividend and commended the company for its transparency in the published financial statements, and its adherence to legal and ethical requirements as corroborated by the company’s auditors who were also present at its Annual General Meeting (AGM), held Tuesday at Lagoon Restaurant, Victoria Island, Lagos.
The shareholders also approved the appointment of two new Independent Non-Executive Directors; Titus Oladipupo Fatokun and Hajiya Sutura Aisha Bello as Directors of the Company.
While presenting the company’s financial performance for 2020, Chairman of the Board of Directors, Chika Mordi, said that despite the macroeconomic pressure, United Capital Plc performed well as its total revenue was up 50 per cent year-on year to N12.87 billion in 2020, from N8.59 billion earned in 2019.
“Profit Before Tax (PBT) grew to N7.95billion in 2020, up by 61 per cent from N4.95billion in 2019, signifying solid growth in the overall profitability of the Group. The Group’s Return on Average Equity for the 2020 financial year stood at 35 per cent, one of the highest among listed financial services institutions, highlighting strong value creation for our shareholders”, he said.
A pivotal moment at the meeting was the shareholders’ approval to pay a dividend of 70 kobo per share, totaling N4.2billion.
Speaking on the company’s outlook for the 2021 financial year, group CEO Peter Ashade stated: “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. For us at United Capital, we are optimistic about the year 2021 as it presents greater opportunities for innovation, growth, and expansion beyond our current ecosystem.”
In another feat of achievement, 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.
Its flagship digital platform, InvestNow, recorded over N1 billion in processed investors assets with its newly commissioned consumer finance business line disbursing 64,536 instant loans valued at N3.14billion, leveraging a 100% digital model.
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