Thursday, March 28, 2019 07.30PM /
Ottoabasi Abasiekong for Proshare WebTV
One of Nigeria’s leading investment banking groups United Capital, today hosted its 2019 Annual General Meeting at the Oriental Hotel, Lagos.
It was an opportunity for the management to engage shareholders on the 2018 financial year performance.
Giving the External Auditors report on behalf of Deloitte & Touche Mrs Yetunde Odetayo, FCA stated that United Capital for the FY 2018 kept the proper books of account and aligned with the provisions of the CAMA on its financials.
Chairman of the Statutory Audit Committee Mr Paul Olele giving his remarks said the accounting and reporting policies of the company were consistent with legal requirements and ethical practices.
Shareholder Group leaders namely Chief Samuel Aboderin, Chief Timothy Adesiyan, Alhaji Tambari and Otunba Muktar Muktar all commended United Capital for its 2018 FY performance and the decision to pay 30k dividend.
The Chairman of the board of United Capital Mr Mathias Chika-Mordi in his statement at the AGM asserted that “United Capital made good progress in its financial performance for 2018. The Group generated gross earnings of N9.3bn and Profit-Before-Tax of N6.2bn, despite the challenging macro-economic and operating conditions. This year, we switched to the IFRS 9 standards which led to a 6% decline in shareholders’ funds. Total assets improved from N136.5bn to N148.7bn due to growth in funds management, which is a reflection of our commitment to deliver value at all times.”
Also giving his statement on the outlook for 2019 financial year, the GCEO of United Capital Mr Peter Ashade said “Beyond our primary mandate of providing financial and investment solutions, we are also an agent for economic development. We are committed to collaborating with agencies such as Bank of Industry and other DFIs towards promoting development initiatives of the Federal Government as we seek to accelerate Nigeria’s economic growth and recovery”.
Highlights of the AGM was the resolution by the shareholders on the payment of the agreed dividend, re-election of non-executive directors and also members of the statutory audit committee.
In terms of performance for the financial year 2018, United Capital achieved the following;
· Gross earnings went up by 4% Year-on-Year from N8.9bn in 2017 to N9.26bn
· Profit Before Tax went up by 12% Year-on-Year from N5.54bn in 2017 to N6.22bn
· Total Assets went up by 9% by Year-on-Year from N136.5bn in 2017 to N148.7bn
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Graph 1 – One Year Share Price Movement
Table 1 – 2018FY Audited Results