United Capital Offers N0.30 Dividend, Despite Flat Earnings, Profit

Directors of United Capital Plc, on Thursday presented its audited financials for the year ended December 31, 2018, following which they proposed a 30 kobo dividend per share, despite flat revenue and profit, even as a lot of efforts were put into checking cost, the effect of which was muted by the increased income tax expense for the period.

The dividend is payable to shareholders whose names appear on the register of members as at the close of business on March 13, 2019, while following which the register is closed between March 14 and 20, while payment is slated for April 2. This will however be subject to approval at the annual general meeting scheduled for Thursday, March 29, 2019 at 10am in Lagos.

According to the result presented to the Nigerian Stock Exchange (NSE), gross earnings for the period rose to N9.25bn from N8.915bn in the corresponding period of 2018, with net operating income up from N7.01bn to N7.21bn. This followed the fall in investment income from N4.965bn to N4.422bn.

Fee and commission income improved slightly from N1.813bn to N1.904bn; just as net trading income climbed to N126.499m from N88.397m; while net interest margin soared from N143.516m to N757.475m
Other income increased to N2.042bn from N1.874bn.

Total expenses for the period stood at N4.337bn, compared to N4.362bn.
Profit before tax rose from N5.547bn to N6.221bn, while tax expenses of N1.883bn, as against the N1.185bn of 2017. This left after tax profit at N4.337bn, representing Earnings Per Share of 72 kobo; compared to the N4.362bn in 2017, which translated to EPS of 73 kobo.

https://investdata.com.ng/2019/02/united-capital-offers-n0-30-dividend-despite-flat-earnings-profit/