United Capital Plc released its Q3 2022 Unaudited results for the period ended September 30^th, 2022.

Key Highlights

• Gross Earnings grew by 28.4% from N11.33bn to N14.55bn.
• Profit before tax stood at N9.12bn
• Profit after tax stood at N7.72bn
• Share Price Currently Stands at N12.15k

United Capital Plc has announced its Unaudited Financial Results for the period ended September 30, 2022. Gross Earnings grew by 28% year-on-year to N14.55billion, PBT increased by 29% year-on-year to N9.12billion, PAT rose by 29% year on-year to N7.72billion and total assets grew by 31% year-to-date to N 595.97billion.

Commenting on the unaudited financial results, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say: 

“I am pleased to inform our stakeholders that United Capital achieved another outstanding performance in the third quarter of the year. This is a fulfilment of our commitment to our stakeholders to keep delivering enhanced returns and driving sustainable growth across all our business lines. 

In the fourth quarter of the year 2022, we expect global financial conditions to remain tight, presenting growth challenges for emerging economies. We remain committed to facilitating capital flows to critical sectors that drive growth and national development in our domestic economy while striving to create and preserve wealth for our clients, investors, and stakeholders amid the tough operating environment.” 

Key Performance Highlights 

Income Statement 

1. Gross Earnings: N14.55billion in 9M 2022, compared to N11.33billion in 9M 2021 (28% growth year-on-year) 
2. Net Operating Income: N13.49billion in 9M 2022, compared to N11.08billion in 9M 2021 (22% growth year-on-year) 
3. Operating expenses: N5.74billion in 9M 2022, compared to N4.24billion in 9M 2021 (35% growth year-on-year) 
4. Profit Before Tax: N9.12billion in 9M 2022, compared to N N7.09billion in 9M 2021 (29% growth year-on-year) 
5. Profit After Tax: N7.72billion in 9M 2022, compared to N5.97billion in 9M 2021 (29% growth year-on-year) 
6. Annualized Earnings Per Share: 171 kobo. (9M 2021: 133 kobo) Statement of Financial Position: 
7. Total Assets: N595.97billion, compared to N453.60billion as at December 2021 (31% year-to-date growth)
8. Total Liabilities: N566.35billion, compared to N423.05billion as at December 2021 (34% year-to-date growth) 
9. Shareholders Fund: N29.62billion, an 3% year-to-date decrease relative to December 2021’s value at N30.55billion.