United Capital reports 36% increase in profit to N2.69bn in Q1
United Capital on Wednesday reported 36 per cent growth in profit before tax to N2.69 in its unaudited first quarter ended March 30, 2022 results from N1.97billion reported in unaudited first quarter ended March 30, 2021.
The company on the Nigerian Exchange Limited (NGX) also reported 39 per cent growth in profit after tax to N2.31billion in Q1 2022, compared to N1.66 billion in Q1 2021.
The growth in profits was driven by 35 per cent increase in Gross Earnings to N4.21 billion in Q1 2022, compared to N3.12 billion in Q1 2021 as Net Operating Income gained 14 per cent to N3.55 billion in Q1 2022, compared to N3.10 billion in Q1 2021.
Speaking on the unaudited financial results, Professor Chika Mordi, the Board Chairman said: “United Capital is on a remarkable growth path as reflected in our strong financial results in Q1- 2022. We remain uniquely positioned to increasing value delivery to all our stakeholders.”
Commenting on the Group’s performance, the Group Chief Executive Officer, Mr. Peter Ashade in a statement said: “As a financial market player, capital market operator, investment manager, and consumer lender, we play a unique role in expanding service offerings in the financial services ecosystem while creating and distributing wealth amongst diverse stakeholders.
“United Capital is on a sustainable growth trajectory driven by increasing patronage and expanded activities across all our businesses, and market segments that we serve. We kicked-off the year 2022 on a sure footing and we are poised to deliver new services and expand into new markets to grow our businesses in line with our three-year growth strategy.”
