United Capital’s Share Price Soars 31% in August, Becoming Third Best-Performing Stock of 2024

United Capital’s share price rose by 31% in August 2024, reaching N17, making it the third best-performing stock this year, after Geregu Power and Presco.

The stock initially dropped to N10 in late July but bounced back strongly in August.

In the second quarter of 2024, United Capital’s revenue grew by 37.5% year-over-year to N15 billion, while pre-tax profit increased by 63%, reaching N9 billion. The company’s cash reserves also saw a significant boost, growing by 240% year-over-year.

Shareholders received an interim dividend of N0.91 per share in the first half of 2024, totaling N5.4 billion.

The company remains optimistic about its performance for the rest of the year, with expectations of continued growth.