Moses Uwagbale
United Capital has put a smile in the faces of its shareholders as it posted a profit after tax growth of 67 percent in its Unaudited Financial Statements for the first quarter (Q1) ended March 31.
Mr Peter Ashade, Group Chief Executive Officer of the company disclosed in a notice sent to the Nigerian Exchange Limited on Wednesday in Lagos.
Ashade said that revenue of N3.12 billion, and profit before tax of N1.97 billion, while delivering an Earnings Per Share of 111 kobo was recorded for the period.
He said: “I am pleased to inform all stakeholders that United Capital Plc has commenced the first quarter of the year from a stable position with remarkable earnings growth and strong performance across key financial parameters.
“Even as we continued to navigate the tough terrain which at the moment, points to a recovery in the domestic economy amid other improving global macroeconomic developments.
“With our well-articulated plans and solid management framework, we were able to deliver an increased revenue of over 63 per cent, increased profit before tax of 68 per cent and profit after tax increase of 67 per cent.
“This performance empowers us to adopt a positive outlook on the remaining part of the year 2021 as the operating environment improves supported by fiscal stimulus programmes.
“Also, easing of restrictions on business operations, reopening of international and domestic travels, resumption of wholesale and retail trading activities as well as the rebound in oil prices,” he said.
According to Ashade, the company has continued to drive its strategy to push further market diversification and cost-optimisation initiatives.
“As well as implement phased automation of business processes while upholding its commitment to ensuring a significant improvement in value delivery to all stakeholders.
He added: “Going into the remaining quarters, we remain diligently committed to delivering greater value to our stakeholders and providing best-in-class solutions to diverse client segments.
“By constantly reviewing our strategy in the light of global and domestic developments even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery,” Ashade said.
