Key Factors
- United Capital’s revenue after tax soared 88.72% to $9.76 million in 9M 2024, pushed by income progress regardless of financial challenges.
- Whole property rose 35.66% to $772.57 million as of Sept. 30, 2024, reflecting the agency’s robust monetary place.
- United Capital led Nigeria’s first Home FGN US Greenback Bond issuance, elevating over $900 million in 2024.
United Capital Plc, a pan-African monetary providers agency, reported sturdy monetary efficiency for the primary 9 months of 2024, attaining a revenue of $9.76 million regardless of a risky macroeconomic atmosphere.
The group, led by Nigerian funding banker Peter Ashade, noticed its profit after tax rise by 88.72 percent, climbing from N8.47 billion ($5.18 million) in the identical interval final yr to N15.99 billion ($9.76 million) in 2024. Gross earnings surged by 60.87 p.c, reaching N28.17 billion ($17.21 million) from N17.51 billion ($10.70 million) within the corresponding interval of 2023.
Income progress drives profitability
United Capital attributed its revenue progress to robust gross earnings, boosted by greater price and fee earnings, elevated funding earnings, and a major rise in internet buying and selling earnings. Whole income additionally rose by 60.87 p.c, mirroring the group’s gross earnings efficiency.
“Our efficiency is a testomony to the resilience of our enterprise mannequin, robust threat administration tradition, and efficient execution of our methods,” mentioned Ashade. He famous that revenue earlier than tax reached N18.73 billion ($11.41 million), marking a 92.71 p.c enhance year-over-year.
Ashade emphasised the corporate’s concentrate on sustaining its progress trajectory, including, “We stay dedicated to being the main funding and finance hub throughout Africa, deploying innovation and expertise to exceed consumer expectations.”
Asset progress and new milestones
The Lagos-based agency reported a 35.66 p.c enhance in whole property, which rose from N931.95 billion ($569.49 million) in December 2023 to N1.26 trillion ($772.57 million) as of Sept. 30, 2024. Shareholders’ funds additionally grew 26.81 p.c, reaching N115.03 billion ($70.27 million).
In 2024, the corporate reached vital milestones, together with the issuance of Nigeria’s first Home FGN US Greenback Bond, which raised over $900 million. It additionally launched UCee Microfinance Financial institution, its seventh unit, in an ongoing enterprise improvement initiative.
United Capital, below Ashade’s management since 2018, continues to supply funding merchandise and monetary providers to enterprises, governments, and retail and institutional shoppers throughout Africa, positioning itself as a key participant within the area’s monetary sector.