Shareholders of United Capital Plc have approved a dividend payout of N14.4 billion for the 2024 financial year, reflecting a 33% increase from the previous year. The decision was ratified during the company’s 12th Annual General Meeting (AGM) held in Abuja, underscoring United Capital’s ongoing commitment to delivering significant returns to its investors.
The meeting brought together shareholders, board members, and key stakeholders to review the firm’s stellar 2024 financial performance and outline strategic plans for future growth.
In his opening remarks, Professor Chika Mordi, Chairman of United Capital Plc, praised the company’s performance in the face of economic headwinds. He noted that the Group’s profit before tax (PBT) grew by 74% year-on-year, reaching N30.10 billion, while total assets surged by 82.6% to N1.7 trillion.
“Our performance is a clear reflection of resilience and strategic foresight. United Capital remains firmly positioned to create even greater value in the years ahead,” Professor Mordi said.
The dividend declaration includes a final dividend of N0.50 per share, complementing the interim dividend of N0.90 earlier paid within the financial year. Shareholders expressed appreciation for the consistent value delivered, referencing the 2-for-1 bonus share issuance that further enhanced their equity holdings. The company also recorded a 47% growth in shareholders’ funds, which now stands at N133.5 billion.
Group CEO, Peter Ashade, attributed the success to strategic execution, innovation, and the dedication of the workforce. “In a challenging business climate, our market capitalization rose by 200% to N396 billion, while our return on average equity (RoAE) stood at 21.5%,” he stated.
Ashade emphasized the company’s focus on expanding its market presence and reinforcing its leadership position in financial services. “Our eyes are set on 2025, where we aim to further drive long-term value through innovation, operational excellence, and regional expansion.”
The Group’s performance in 2024 was buoyed by its involvement in major financial transactions, the growth of its digital banking and consumer finance arms, and a rise in funds under management. These achievements, executives said, point to a firm well on its way to becoming one of Africa’s leading financial powerhouses.