United Capital Plc records 70.9 percent revenue increase

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United Capital Plc, a prominent financial and investment services company in Nigeria, has experienced a remarkable surge in revenue, reaching its highest level in at least eight years, as per data compiled by BusinessDay.

The company’s latest financial statement reveals a substantial increase of 70.9 percent in revenue, soaring to N45.8 billion last year from N26.8 billion in 2022, primarily driven by its investment banking earnings totaling N21.4 billion.

Offering a range of financial services including investment banking, financial advisory, trusteeship, and fund management, United Capital reported a rise in total expenses to N29.2 billion in 2023, up from N13.7 billion in 2022. Despite the challenging economic conditions, the company managed to achieve an 18.7 percent growth in after-tax profit, reaching N11.4 billion compared to N9.6 billion in the previous year.

The company’s significant contributor to profit was its net investment income, amounting to N76.4 billion during the review period. However, a substantial portion of this income was offset by high-interest expenses on managed funds and other borrowings, totaling N67.9 billion.

Source: Punch

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