United Capital Plc has reported a significant surge in revenue, hitting N13.1bn in the first quarter ended 31 March 2025, representing a 113 per cent increase from the N6.1bn recorded in the corresponding period of 2024.
According to its unaudited consolidated and separate financial statements, the impressive revenue growth was largely driven by a sharp increase in investment income and fee and commission income, both of which more than doubled year-on-year.
Investment income rose to N6.4bn in the period under review, up from N1.08bn in the same period last year, while fee and commission income climbed to N4.5bn, compared to N2.6bn in Q1 2024. Net trading income also recorded an upswing, hitting N1.5bn from N632m a year earlier.
Net operating income for the period stood at N12.4bn, a significant jump from N4.3bn recorded in the first quarter of 2024.
Despite higher operating expenses, which rose to N5.1bn from N2.1bn, United Capital delivered a 64 per cent increase in profit after tax, closing the quarter at N5.9bn as against N3.6bn in Q1 2024. This was achieved after accounting for an income tax expense of N835m.
The Group also recorded robust non-cash gains. Other comprehensive income for the period surged to N31.1bn from N19.3bn, largely on the back of fair value gains on investments in equity instruments measured at fair value through other comprehensive income (FVTOCI).
As a result, total comprehensive income for the period stood at N37bn, up from N22.9bn in the previous year.
United Capital’s earnings per share (annualised) rose to 131 kobo in the period under review, compared to 80 kobo recorded in the same quarter of 2024.
The firm’s total assets stood at N1.72tn as of 31 March 2025, slightly up from N1.70tn at the end of December 2024. The growth was supported by a rise in investment securities and increased stake in associates.
On the funding side, Tier 1 capital stood at N46.1bn while Tier 2 capital rose to N497.2bn, bringing total regulatory capital to N543.3bn. Borrowed funds remained significant at N381.9bn, while managed funds stood at N1.02tn, up from N846.6bn as of December 2024.
Shareholders’ funds grew to N161.5bn from N133.5bn at the end of last year, reflecting stronger earnings and appreciation in investment values.
The PUNCH reported that the United Capital Infrastructure Fund has announced a total dividend distribution of N1.98bn to its unitholders for the year ended 2024.
