United Capital’s Q3 profit declines by 40%

United Capital Plc nine months’ result for the period ended 30th September, 2017, has elicited mixed market sentiments from the investing public.

The company’s third quarter result released by The Nigerian Stock Exchange (NSE), recently showed that just as gross earnings grew, profit for the period declined remarkably.

United Capital Plc, is a leading African financial and investment services group providing tailored value-added service to its clients.

The company is positioned to play a strategic role in helping African governments and citizens both individual and corporate, achieve their strategic objectives through robust financial and investment service offerings.

Meanwhile, according to the result, profit for the period dropped by N1,342,873 million to close the Q3 period at N3,273,559 billion, from N4,616,396 profit recorded in the same period of 2016.

Gross earnings for the group for the period ended September 30th, 2017, was N6, 238,506bn against N5, 689,419bn posted in the corresponding period of 2016.

Group’s investment income closed at N1, 099,167bn, form N688, 378m posted in the nine months’ period of 2016.

United Capital’s Q3 total expenses for the period under consideration, closed higher at N2, 341,413bn against N1, 726,636bn recorded in the preceding period of 2016.

The result further showed that the company’s total revenue closed the 9 months period at N6, 236,506bn, which was against N5, 689,419bn in the Q3 period of 2016.

Profit for the period from continuing operations closed at N3, 897,013bn, which was against N3, 170,226bn posted in the same period of 2016.

Profit for the Q3 period ended 30th September 2017 closed at N3, 273,559bn, while in Q3 2016 the company posted N4, 616,396bn.

The result showed that total comprehensive income for the period also declined remarkably from N4, 646,554bn posted in the Q3 period of 2016, to close the same period in 2017 at N3, 272,585bn.