United Capital, UPDC, Access Bank Opens 2017 on Positive Note

Investors in UACN Property Development Company (UPDC) Plc, United Capital Plc, Access Bank Plc, Eterna Plc and FCMB Group Plc have started counting their gains at the stock market.  Although the market recorded a decline of the  2.3 per cent in the first trading week of 2017, these five stocks witnessed significant appreciation in their prices.

UPDC led with 14.5 per cent rise, followed by United Capital with 10.6 per cent. Access Bank Plc went up by 6.9 per cent, while Eternal Plc and FCMB Group added 6.4 per cent and 6.3 per cent respectively.

For the shareholders of the United Capital, it has been a very bullish period despite the overall negative performance by the market in the past one year.  United Capital had delivered an impressive return of 108.4 per cent to investors in 2016 before added another 10.6 per cent last week.

Market operators attributed the consistent high demand for shares  of United Capital, which led to the capital appreciation, to the impressive financial results of  company.

United Capital Plc had last year recorded an impressive performance and rewarded shareholders with a dividend of 35 kobo per share.

The company is already heading for another impressive year in 2016 going by its nine months ended September 30.  According to results, gross earnings stood at N5.689 billion in 2016, up from N4.088 billion in the corresponding period of 2015. Investment income grew soared from N491 million to N2.612 billion, while net operating income settled at N5.132 billion compared with N3.722 billion in 2015.

Profit before tax grew by 65 per cent to N3.962 billion in 2016 from N2.397 billion, while profit after tax rose from N1.910 billion to N3.170 billion. It followed that with a highly impressive performance for the half year to June 30, 2016, growing PBT by 47 per cent.

The Group Chief Executive Officer of United Capital Plc, Mrs. Oluwatoyin  Sanni expressed optimism  that  the  company would  consistently deliver value to   all stakeholders.

  “I have no doubt in my mind that the strategies we have put in place in light of our expectations of market scenarios in the coming year will prove effective in delivering much better results. I must thank all of you for your constant support in our task of building a leading financial services firm in Africa. I am confident that with the dedication of our resourceful staff and your unalloyed support, we will continue to delight you with superior return in every line of business we are involved,” Sanni said.