Yemisi Izuora
Following a series of impressive quarters, United Capital Group has delivered an outstanding financial performance in Q3 2024, further cementing its upward growth trajectory. Its financial results for the period ended September 30, 2024, reveal a remarkable 93% year-on-year growth in Profit Before Tax (PBT) to N18.73 billion and an 89% year-on-year growth in Profit After Tax (PAT) to N15.98 billion.
In addition to these impressive revenue and profit metrics, the Pan-African investment management and financial services group recorded a Gross earnings growth of 61% year-on-year, amounting to N28.17 billion. The Group’s total assets increased by 36% year-to-date, now standing at N1.26 trillion, while Shareholders’ Funds grew by 27% year-to-date, reaching N115.03 billion. This outstanding performance underscores the Group’s commitment to delivering value to investors and shareholders, even amidst a challenging economic climate.
Peter Ashade, Group Chief Executive Officer of United Capital Group, commented on this achievement saying:
“Our group recorded an outstanding financial performance in Q3 2024 despite the challenging and uncertain business environment characterized by rising inflationary trends, a volatile currency exchange rate, and the fast-changing macroeconomic landscape. This success is a testament to the resilience of our business model, strong risk management framework, and effective execution of our well-crafted strategies. I sincerely appreciate the Board, shareholders, customers, and staff of United Capital Group for their unwavering support and strong dedication to our strategic mission.”
Ashade highlighted key milestones contributing to the Group’s overall success this quarter, including the historic issuance of Nigeria’s first-ever Domestic FGN US Dollar Bond in September, which raised over $900 million and achieved an outstanding 180% subscription rate. Additionally, the Group expanded its service offerings with the launch of its seventh subsidiary, UCEE Microfinance Bank, in August 2024.
Looking ahead, Ashade remarked, “As we enter the last quarter of the year, we remain committed to sustaining this momentum and delivering superior value to our shareholders. Through technology-driven solutions and innovative strategies, we are focused on exceeding expectations and driving exceptional value for our stakeholders. Our goal remains to establish ourselves as the leading investment banking and financial services hub in Africa, furthering our mission to democratize wealth creation across the continent.”
United Capital’s Q3 results reinforceS its position as a market leader, showcasing consistent growth across key financial metrics. The Group has shown consistency in its commitment to delivering value to its stakeholders, exemplified in the disbursement of its first-ever interim dividend of N0.90k to shareholders earlier this year.