United Capital Marks N8.9bn Gross Earnings
BY CHINYERE OBIORA, LAGOS – Despite the uncertain economic environment in the country, United Capital Plc recorded gross earnings of N8.9 billion for the financial year ended December 31, 2017.
The result showed a slight decline of one per cent compared with N9 billion reported in the preceding year.
However, the firm’s operating income improved by five per cent from N6.7 billion achieved in the comparable period of 2016 to N7.0 billion within the period under review.
For its Profit before tax, the figure, which stood at N6.4 billion in the preceding period, declined by 13 per cent to N5.5 billion due to non-recurrent foreign exchange revaluation gains of N1.3 billion in 2016.
Furthermore, the company said that in 2016, it recognized one off forex gains of N1.3 billion following the devaluation of the Naira even as shareholders funds grew by 18 per cent from N14.2 billion to N16.8 billion despite a drop in total assets by 15 per cent attributable to significant payouts to bondholders by the Trustee business.
In a statement, United Capital said despite sustained macroeconomic challenges in 2017, it maintained its position as a market leader delivering innovative solutions to clients across all its businesses.
The statement however said that the rise in its operating income was driven by efficient execution of key mandates in investment banking; trusteeship and securities brokerages; and by the introduction of innovative products such as the Nigeria Eurobond funds and the Wealth of Women Funds.
Others include improvement in operations and IT capabilities; as well as ensuring the optimisation of value and retention of significant proportion of earnings.
Group Chief Executive Officer of the company, Oluwatoyin Sanni told the shareholders that; “United Capital continues to pursue a clear and consistency strategy, which will always deliver a strong performance for shareholders and remain positive about our future opportunities within the Nigerian and Africa market.”
