United Capital liabilities rise, as directors propose N0.70k dividend
United Capital released its financials for the full year ended 2020, reporting revenue growth during the period many companies suffered earnings decline.
The asset management and investment banking firm also recorded rise in its liabilities.
According to the company’s financial statement obtained by Ripples Nigeria, United Capital’s gross revenue rose by 50% year-on-year to N12.87 billion in 2020, against the N8.59 billion it generated in 2019.
Net Operating Income and Operating Expenses rose as the former climbed to N12.49 billion full year 2020, surpassing the N7.90 billion recorded during the same period in 2019.
Operating expenses rose to N4.93 billion in 2020, surpassing the N3.64 billion reported in the corresponding period of 2019. This represents a difference of 35% growth year-on-year.
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Profit Before Tax continued in the growth path as United Capital recorded N7.95 billion in 2020, compared to N4.95 billion in 2019, while Profit After Tax rose from N4.97 billion in 2019, to N7.81 billion in 2020.
Meanwhile, the company’s liabilities rose during the twelve months of 2020, shooting up by 52% from N130.88 billion as at December 31, 2019, to peak at N198.32 billion in 2020 FY.
Amid the rising liabilities, United Capital’s directors proposed payment of N0.70kobo per share as dividend, resulting to a possible pay out of N4.2 billion, as Shareholders Fund rises from N19.59 billion as at December 31, 2019, to N24.43 billion as at December 2020.
While commenting on the result, United Capital’s Chief Executive Officer, Peter Ashade, said the unpredictable environment worsened by the COVID-19 pandemic didn’t impact negatively on the company’s earnings, and it is well positioned for a second wave of COVID-19.
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