United Capital declares N10.8bn dividend at 11th Annual General Meeting

United Capital Plc, a leading Pan-African financial services group, convened its 11th Annual General Meeting yesterday at the Transcorp Hilton Hotel, Abuja, following another year of exceptional financial performance. Shareholders were delighted at the declarationof a dividend payout of N10.8 billion, equivalent to N1.80 per share.

The meeting commenced with a statement by Prof. Chika Mordi, Chairman of the Board of Directors, United Capital Plc, highlighting the consistent impressive financial performancedelivered by the group“Despite the macroeconomic turbulence in 2023, United Capital Plc reported an outstanding financial performance. [Our] Total Revenue accelerated by 71% year-on-year to N45.9 billion in 2023 from N26.9 billion earned in 2022. Profit Before Tax surged by 28.2% to N17.3 billion in 2023 from N13.5 billion recorded in 2022, indicating impressive growth in the overall profitability of the Group.”

In closing, Prof. Mordi assured shareholders of the company’s commitment to delivering consistent superior returns and outlined strategies to navigate potential challenges in 2024, attributing confidence to the resourcefulness and dedication of its staff.

United Capital Plc also achieved significant milestones during the year, with its share price closing at N23.00, up 64% from the previous year and its market capitalization increasing by 64% to N138 billion. Its subsidiaries also excelled in various sectors – its securities business ranking first in terms of volume of stocks traded on the Nigerian Exchange (NGX). Its asset management business launched the United Capital Global Fixed Income Fund consolidating its position as the second largest USD fund manager in Nigeria.

Looking ahead to 2024,Peter Ashade, Group Chief Executive Officer, unveiled the company’s outlook – Winning Amid the Volatile Operating Environment.

“Our objectives for 2024 are centered around unlocking further opportunities for our stakeholders. To realize this vision, we are committed to establishing a dynamic, efficient, and agile one-stop-shop financial institution. This institution will embody a digital-driven mindset, enabling us to deliver best-in-class services while ensuring superior shareholder value.

As United Capital Plc approaches its 6th decade in business, the company remains dedicated to creating value and fostering growth for all stakeholders.