Abuja: United Capital Plc, a pan-African financial and investment services group, has declared a profit before tax of N30 billion for the 2024 financial year ended December 31, 2024. The shareholders approved a total dividend payout of N14.4 billion for the 2024 financial year.
According to News Agency of Nigeria, the shareholders also endorsed the declaration of a final dividend of N0.50 per share, complementing the interim dividend of N0.90 per share distributed within the financial year. During the Group's 12th Annual General Meeting (AGM) held in Abuja, Prof. Chika Mordi, Chairman of United Capital Plc, highlighted that the dividend represented a 33 percent increase from the corresponding period of 2023. He noted that the profit before tax increased by 74 percent year-on-year, indicating growth in the group's profits.
Mordi emphasized that the total assets of the group grew by 82.6 percent year-on-year to N1.7 trillion. He reassured investors of the company's commitment to sustain growth, stating that the company is well-positioned to deliver greater returns. Mr. Peter Ashade, the Chief Executive Officer of United Capital Plc, attributed the company's success to strategic execution, operational excellence, and the dedication of its leadership team and employees. Ashade stated, "We remain committed in our mission to create sustainable value for our stakeholders despite a volatile operating environment."
He added that the market capitalization surged by 200 percent to N396 billion, with a return on average equity standing at 21.5 percent, underscoring the wealth creation and business stability achieved. The focus remains on expanding market leadership, enhancing innovation, and driving long-term value creation.
Shareholders who attended the meeting commended the company's consistent delivery of returns. Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria, appreciated the company for the bonus share issuance that enhanced their equity, reflecting a 47 percent growth of shareholders' funds to N133.50 billion. Mrs. Adetutu Siyonbola, President of the Highly Favoured Shareholders Association of Nigeria, appealed to the company to address gender balancing in its managerial team. Mr. Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria, commended the company for the recorded profit and called for more efforts to ensure greater growth.
United Capital Plc offers services in investment banking, asset management, trusteeship, securities trading, wealth management, consumer finance, and microfinance banking. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.