United Capital grows PBT 7% to N9.72bn in 9 months

Cynthia Ezekwe

Financial and investment services company, United Capital Plc, posted a profit before tax of N9.72 billion for the first nine months of 2023, representing a 7 per cent increase over the same period in 2022.

United Capital Plc unaudited financial results showed a profit after tax of N8.47 billion in the three quarters of 2023, representing a 10 per cent year-over-year increase from the same period in 2022.

The company’s performance is a reflection of its strong balance sheet and continued focus on core businesses despite challenging market conditions.

For the nine months ended September 30, 2023, United Capital’s gross earnings were N17.51 billion, up 20 per cent YoY from the same period in 2022. This growth was largely driven by a 35 per cent YoY increase in investment income.

United Capital’s total assets grew to N732.50 billion in September 2023, compared to N601.92 billion in December 2022. This increase was driven by a 62% growth in cash and cash equivalents, and an 8% growth in investment securities.

United Capital’s total liabilities stood at N671.29 billion in September 2023, up 18% YoY from the previous year. This growth was driven by a 9 per cent YtD increase in managed funds and a 56 per cent YtD increase in other liabilities.

Commenting on the unaudited financial results, Peter Ashade, Group CEO of United Capital, said: ‘United Capital’s performance in the third quarter is a testament to our ability to deliver sustainable earnings, despite the challenging business environment. This is due to our strong risk management system and execution capabilities.

Ashade emphasized the company’s focus on delivering value to its clients and shareholders, while also highlighting its commitment to enhancing its services and financial offerings

Ashade explained that the company’s performance in the third quarter demonstrated its ability to generate growth, with gross earnings increasing 20 per cent YoY to N17.51 billion, total assets growing 22 per cent YtD to N732.50 billion, and shareholders’ funds increasing 86 per cent YtD to N61.21 billion.

“As we proceed into the fourth quarter of the year, we are positive about the emerging opportunities in our operating environment and we are confident that all our businesses are well positioned to optimise their capabilities in the current dispensation,’’ he added.

Heirs Oil & Gas evolves into Heirs Energies to Focus on energy sustainability

Business a.m

Heirs Holdings Oil & Gas (HHOG), Africa’s largest indigenous-owned integrated energy company,  has rebranded to Heirs Energies Limited, complete with a new logo and color scheme,reinforcing the strategy of meeting Africa’s unique energy needs in a sustainable manner.

As the world aims to achieve net zero emissions by 2050, Heirs Energies will leverage its expertise, resources, and innovation to transform the energy landscape and create a positive impact on the environment. The company will continue its exploration and production while harnessing emerging technologies to eliminate gas flaring, invest in gas utilisation projects, and improve energy access across Africa.

The new brand identity reflects our commitment to innovation, growth, and sustainability in Africa,” said Tony Elumelu, Chairman of Heirs Energies. Elumelu said the new development represents the company’s dedication to environmental responsibility, value creation in Africa, and integration across its value chains.

“We are excited to embark on this transformative journey that will shape the future of the energy sector in Africa,” he added.

Osayande Igiehon, CEO of Heirs Energies,said the rebranding embodies the company’s vision for the energy sector, noting that the company is committed not only to meeting Africa’s energy needs, but also doing so in a sustainable and responsible way that aligns with global environmental goals.

Igiehon explained that in doing so, the company demonstrates its founding philosophy of Africapitalism, ensuring the private sector drives African development, responsibly delivering economic and social transformation.