United Capital grows Q1 2018 gross earnings by 4% to N2.2bn

United Capital Plc, has announced its unaudited 2018 first quarter financial results, showing gross earnings of N2.2 billion and profit before tax of N1.49billion.

United Capital generated gross earnings of N2.2bn, an increase of 4 percent from N2.1bn in Q1 2017, despite the uncertain macroeconomic environment and lower interest rates on treasury assets. Profit Before Tax also grew by 7 percent from N1.39bn in Q1 2017 to N1.49bn in Q1 2018.

A statement from the Group says the sustained growth in revenue and profitability is in correlation with the firm’s strategic and efficient management of investment activities across all businesses, better pricing of earning assets, gains from its equity portfolio as well as effective cost management.

Commenting on the results, Oluwatoyin Sanni, the Group CEO, said; As a company, we understand the importance of starting a new financial year on a positive note. At the beginning of the year, we outlined our business objectives and developed a strategy to achieve those goals from the onset. While the market may have sustained challenges beyond our control, we took this as an opportunity to expand our business/product offerings and encouraged innovation in-house to gain market share across our diversified business lines. The sustained growth is a testament to the hard work, dedication and precision United Capital offers its customers across Africa.

Report courtesy Afolabi Adesola