By Tunde Osho
United Capital Plc has announced its audited 2017 full year financial results, revealing a turnover of N8.9 billion and profit before tax of N5.5 billion, for the year ended December 31, 2017.
The giant African investment banking group delivered an annualized Earnings Per Share of 73Kobo and declared a dividend of 35 Kobo per share.
United Capital generated gross earnings of N8.9 billion, a slight decline of 1 percent from N9 billion in 2016.
However, operating income surged by 5 percent from N6.7 billion in 2016 to N7 billion in 2017, while the profit before tax declined by 13 percent from N6.4 billion to N5.5 billion owing to non-recurrent foreign exchange revaluation gains of N1.3 billion realised in 2016.
In 2016, the group recognized one-off foreign exchange gains of N1.3 billion following the devaluation of the Naira.
From the financial results, the firm’s shareholders’ funds improved by 18 percent from N14.2 billion to N16.8 billion despite a drop in total asset by 15 percent attributable to significant payouts to bondholders by the trustee business.