United Capital Declares 30 kobo Dividend amid 0.6% Decline in Profit

February 21, 2019
United Capital Declares 30 kobo Dividend amid 0.6% Decline in Profit

By Modupe Gbadeyanka

United Capital Plc on Thursday announced its financial statements for the year ended December 31, 2018.

A brief analysis of the results by Business Post indicated that the firm improved its gross earnings during the year by 3.86 percent, raking N9.3 billion against N8.9 billion in the corresponding period of 2017.

Also, company said its net interest margin rose by 427.8 percent to N757.5 million from N143.5 million, while the interest and similar income appreciated by 5 percent to N1.9 billion from N1.8 billion.

In addition, the net operating income grew by 2.9 percent from N7 billion to N7.2 billion, with the investment income going down by 10.9 percent to N4.4 billion from N5 billion.

Though the profit before tax posted by the firm appreciated by 12 percent to N6.2 billion from N5.6 billion, the profit after tax depreciated by 0.6 percent to N4.3 billion from N4.4 billion.

However, the total assets of United Capital as at December 31, 2018 stood at N148.7 billion versus N136.6 billion as at December 31, 2017, while the total liabilities increased to N132.9 billion from N119.8 billion, with the shareholders’ fund going down to N15.8 billion from N16.8 billion.

Furthermore, the earnings per share dropped by 0.56 percent to 72 kobo from 73 kobo, while the return on asset fell to 2.92 percent from 3.19 percent.

Meanwhile, the board of United Capital has proposed the payment of 30 kobo per ordinary share to shareholders whose names appear in the register of members as at the close of business on March 13, 2019.

The dividend will then be paid on April 2, 2019 after the approval of shareholders at the firm’s Annual General Meeting (AGM) slated for March 28, 2019 in Lagos.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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