United Capital reports nearly $10 million profit for first nine months of 2024

Feyisayo Ajayi -
Key Points
  • United Capital’s profit after tax soared 88.72% to $9.76 million in 9M 2024, driven by revenue growth despite economic challenges.
  • Total assets rose 35.66% to $772.57 million as of Sept. 30, 2024, reflecting the firm’s strong financial position.
  • United Capital led Nigeria’s first Domestic FGN US Dollar Bond issuance, raising over $900 million in 2024.

United Capital Plc, a pan-African financial services firm, reported robust financial performance for the first nine months of 2024, achieving a profit of $9.76 million despite a volatile macroeconomic environment.

The group, led by Nigerian investment banker Peter Ashade, saw its profit after tax rise by 88.72 percent, climbing from N8.47 billion ($5.18 million) in the same period last year to N15.99 billion ($9.76 million) in 2024. Gross earnings surged by 60.87 percent, reaching N28.17 billion ($17.21 million) from N17.51 billion ($10.70 million) in the corresponding period of 2023.

Revenue growth drives profitability

United Capital attributed its profit growth to strong gross earnings, boosted by higher fee and commission income, increased investment income, and a significant rise in net trading income. Total revenue also rose by 60.87 percent, mirroring the group’s gross earnings performance.

“Our performance is a testament to the resilience of our business model, strong risk management culture, and effective execution of our strategies,” said Ashade. He noted that profit before tax reached N18.73 billion ($11.41 million), marking a 92.71 percent increase year-over-year.

Ashade emphasized the company’s focus on sustaining its growth trajectory, adding, “We remain committed to being the leading investment and finance hub across Africa, deploying innovation and technology to exceed client expectations.”

Asset growth and new milestones

The Lagos-based firm reported a 35.66 percent increase in total assets, which rose from N931.95 billion ($569.49 million) in December 2023 to N1.26 trillion ($772.57 million) as of Sept. 30, 2024. Shareholders’ funds also grew 26.81 percent, reaching N115.03 billion ($70.27 million).

In 2024, the company reached significant milestones, including the issuance of Nigeria’s first Domestic FGN US Dollar Bond, which raised over $900 million. It also launched UCee Microfinance Bank, its seventh unit, in an ongoing business development initiative.

United Capital, under Ashade’s leadership since 2018, continues to offer investment products and financial services to enterprises, governments, and retail and institutional clients across Africa, positioning itself as a key player in the region's financial sector.