United Capital Plc has released its financial statements for the nine months period (Q3) ended 30th September 2016, showcasing a profit after tax of N4.696 billion, which is 145.8 percent above N1.919 billion recorded in the corresponding period of the prior year.
The group posted gross earnings of N5.7 billion which increased 39.2 percent from N4.1 billion, and a 3 percent reduction in total expenses of N1.7 billion. Consequently, profit before income tax rose 65.3 percent to N3.962 million from N2.397 billion recorded in the prior year.
The group also recorded a N1.5 billion gain from the sale of investment in associate company which buoyed its bottom line significantly, thus boosting earnings per share to 78 kobo from 32 kobo earned in the same period of 2015.
The group’s Net assets stood at N12.3 billion, 18.5 percent higher than N10.4 billion recorded for December 2015.
The Group Chief Executive Officer of United Capital Plc, Mrs. Oluwatoyin Sanni had told shareholders earlier in the year that she was confident in company’s ability to consistently deliver value to all stakeholders in the current year.
“I have no doubt in my mind that the strategies we have put in place in light of our expectations of market scenarios in the coming year will prove effective in delivering much better results. I must thank all of you for your constant support in our task of building a leading financial services firm in Africa. I am confident that with the dedication of our resourceful staff and your unalloyed support, we will continue to delight you with superior return in every line of business we are involved,” Sanni said.