Olufemi Adeyemi
United Capital Plc (UCAP) has announced a total dividend payout of N2.40 per share for the 2024 financial year, capping off a remarkable seven-year growth trajectory that saw explosive performance in the past year.
The company, listed on the Nigerian Exchange Limited (NGX), reported a Profit After Tax (PAT) of N24.10 billion for 2024, more than double the N11.42 billion recorded in 2023. This represents a staggering 111.03% year-on-year increase.
Milestone Achievements and Strategic Moves
Building on a decade of consistent dividend payments, United Capital introduced its first-ever interim dividend of 90 Kobo per share in 2024, reflecting its strong financial performance. Additionally, the company executed a 2-for-1 bonus share issuance, increasing its outstanding shares from 6 billion to 18 billion. This strategic move granted shareholders two additional shares for every share held, effectively tripling their holdings.
The company also proposed a final dividend of 50 Kobo per share, bringing the total dividend distribution for 2024 to N2.40 per share. This represents a significant 44% increase in total dividend payouts, rising from N10.0 billion in 2023 to N14.4 billion in 2024. Over the past decade, United Capital’s dividend payouts have grown by an impressive 860%, from 25 Kobo to N2.40 per share.
Financial Highlights
United Capital’s total assets surged by 83% year-on-year to N1.70 trillion, while shareholders’ funds grew by 47% to N133.50 billion in 2024. These figures underscore the company’s robust financial health and its ability to deliver value to stakeholders.
Leadership Perspectives
Commenting on the 2024 audited financial statements, the Board Chairman, Prof. Chika Mordi, stated, “United Capital Group remained true to its philosophy of creating shared prosperity by delivering record profitability and significant corporate actions. This culminated in a total dividend payout of N14.4 billion for 2024, a 33% increase from the N10.8 billion paid in 2023. We will continue to strengthen governance frameworks across the Group to protect investors’ assets and sustain superior value delivery.”
The Group Chief Executive Officer, Mr. Peter Ashade, added, “I am honoured to inform our stakeholders of the Group’s stellar financial performance in 2024. Despite a challenging business environment, we remained resilient, achieving a 74% increase in Profit Before Tax (PBT) to N30.10 billion and a 111% rise in PAT to N24.10 billion. Our shareholders’ funds grew by 47% to N133.65 billion, while total assets reached N1.70 trillion, up 83% year-on-year.”
Ashade also highlighted the company’s commitment to shareholder value, stating, “In 2024, we rewarded shareholders with a 2-for-1 bonus share issuance and our first interim dividend payment of 90 Kobo per share. As we move into 2025, we remain committed to sustaining this remarkable performance and leading the Nigerian capital market while exploring new opportunities across Africa.”
Gratitude to Stakeholders
Ashade concluded by expressing gratitude to customers, shareholders, technical partners, the Board of Directors, management, employees, and regulatory bodies for their unwavering support and contributions to the company’s success.
United Capital’s exceptional performance in 2024 underscores its position as a market leader and its commitment to delivering value to stakeholders.