United Capital grow profit by 155% in 6-months

United Capital grow profit by 155% in 6-months

United Capital Plc has reported 154.86 per cent increase in profit after tax for the half year ended June 30, 2016.

The investment company’s grew it profit for the period by N2.182 billion from N1.409 billion recorded during the half year of 2015 to N3.591 billion in 2016.

Among the factors that responsible for the increase in profit for the period are gain from the sale of investment in associate company which amounted to N1.526 billion and reduction in its expenses by N54.660 million.

United Capital total expenses for the half year 2016 declined from N1.129 billion spent in 2015 to N1.074 billion it spent during the same period of 2016.

The unaudited result shows that profit before income tax also increase by N789 million or 43.99 per cent. It recorded profit before tax of N1.793 billion during the half year 2015 to end the same period of 2016 with N2.581 billion.

The firm gross earnings grew by N905 million in 2016 half year from N2.750 billion earned in 2015 to N3.655 billion in 2016, represented an increase of 32.91 per cent.

It earnings per share rose from 23 kobo in half year 2015 to 34 kobo at the end of 2016 half year.

While it shareholders fund move up from N10.421 billion in 2015 to N11.346 billion at the end of 2016 half year.