United Capital PLC has been on the news in recent times for a range of developments that investors have found difficult to ignore. From the release of its 2025 Financial result to its Annual General Meeting and dividend payment, the publication of its 2026 Quarter 1 results, the appointment of a new board Chairman, the recapitalization update of its SEC-regulated subsidiaries, its expansion into East Africa, and its strategic acquisition of equity stake in Nigerian Exchange Group (NGX), the company has maintained a steady presence in investor conversations.
From a penny stock trading at less than ₦2 in mid-2021 to a stock trading at over ₦17 as at June 29, 2026, even after issuing bonus shares in 2024 of two new shares for every one held, and delivering impressive dividend yields pre-bonus issue, United Capital has remained an unforgettable growth story for investors. And it appears the company is not slowing down any time soon.
Results Analysis: Strong Financial Performance Backed by Profit Growth
A look at the 2025 Financial Result reveals gross revenue increased by 35% from ₦43.43 billion in 2024 to ₦58.55 billion in 2025. Similarly, Profit Before Tax (PBT) accelerated by 37% year-on-year to ₦41.18 billion in 2025 from ₦30.10 billion in 2024. Profit After Tax (PAT) rose by 17% from ₦24.10 billion to ₦28.15 billion, translating to Earnings per share of ₦1.56 (compared to ₦1.34 previous year), indicating impressive growth in the overall profitability of the Group.
United Capital PLC paid total dividend of ₦18 billion for the year equivalent to ₦1 per share, compared to ₦14.4 billion paid in the previous year. This consistency in dividend payout continues to reinforce investor confidence, particularly for income-focused investors.
In terms of financial position, total assets increased modestly by 4% from ₦1.70 trillion to ₦1.76 trillion, driven largely by investments in securities which accounted for 76% of total assets. Shareholders’ funds rose by 12% to ₦150 billion, while Return on Average Equity came in at 20%, indicating strong value creation. Net cash generated from operations stood at ₦207 billion (~₦12 per share).
Fast forward to the 2026 first quarter unaudited results, Gross revenue increased by 30% year-on-year to ₦17.17 billion. Profit Before Tax accelerated by 73% to ₦11.63 billion, while Profit After Tax rose by 66% to ₦9.79 billion. This translates to an annualized Earnings per Share of ₦2.18 compared to ₦1.31 in the prior year period. This level of profitability places United Capital among the stronger performers in Nigeria’s non-bank financial services space.
The company also recently announced a leadership transition at the board level with the retirement of its previous Chairman, Prof. Chika Mordi, and Mr Emmanuel Nnorom, Non-Executive Director, after successful completion of their tenures as required by the SEC. Prof. Chika Mordi joined the board as a Non-Executive Director in January 2013 and served as Board Chairman since 2014, while Mr Nnorom joined the Board in 2014 and served with distinction.
The group announced the appointment of Uche Ike as the new Chairman of the Board of Directors. He brings over three decades of banking experience spanning operations, internal audit, enterprise risk management, fraud management, and regulatory compliance, with a distinguished career that includes senior roles at United Bank for Africa (UBA).
Investors will be expecting Mr Uche Ike to build on the growth, transformation, innovation and expansion achieved under his predecessor, and to guide the Group to deliver greater value and impact to customers and significant returns to shareholders.
Strategic Investment in NGX
On the 15th of June, 2026, United Capital PLC announced a surprise acquisition of a 5% equity stake in the Nigerian Exchange Group (NGX Plc), securing a significant ownership in one of the most important institutions at the heart of Nigeria's financial system. This calculated move comes at a strategic time when the Nigerian capital market is expected to deepen, supported by policy direction and anticipated major listings, including the planned listing of Dangote Refinery later this year.
As Bill Ackman said about his 5 percent acquisition of Tel Aviv Stock Exchange, "owning a piece of the exchange is like owning a royalty on the success of capitalism in the country. That's why I'm bullish- and I think it's cheap". The logic is simple. Every time a company lists or a trade is made, the Exchange collects a fee, and it is a near monopoly with little competition. If Nigeria’s economy expands meaningfully over the next decade, the Nigerian Exchange stands to benefit immensely, and by extension, United Capital’s investment could prove to be a well-timed strategic bet.
Final Thoughts and Investment Outlook
As we noted at the beginning, the past few months have been quite eventful for United Capital PLC, and we have highlighted the key moves that investors should be abreast of and watch closely. These developments are not just headlines, they are strategic moves that, if compounded effectively over time can translate into impressive value for investors. With share prices cooling off in recent weeks, periods like this often present opportunities for investors to begin positioning, accumulate quality stocks, or rebalance their portfolios in line with their investment thesis.
As always, the goal is not just to react to news, but to understand what it means over the long term, and to make deliberate decisions accordingly.
This article is for informational purposes only and should not be construed as investment advice. Wishing you all the best in your investment journey.
About United Capital PLC
United Capital Plc (previously called UBA Capital PLC) is a leading Pan-African financial and investment services group, committed to transforming Africa’s financial landscape by delivering innovative integrated solutions that create sustainable value and empower businesses, individuals and governments.
Since its establishment, the Group has evolved into a diversified financial powerhouse with a robust suite of offerings across Investment Banking, Asset Management, Trusteeship, Securities Trading, Consumer Finance, Wealth Management and Microfinance Banking. They play a strategic role in helping individuals, governments and corporate entities achieve their objectives through tailored, insight-driven financial solutions.
If you are new to investing in the stock market and would like to know where to start, check out these articles:
How to Start Investing in the Nigerian Stock Market: A Guide for Beginners.
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To have a better understanding of Stock investment and avoid common mistakes, the following articles will be helpful:
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To see an updated list of dividends declared by Nigerian publicly listed companies in 2026, check out this article: List of Dividends Declared in 2026 by Nigerian Companies (NGX Update)
You may also check out other insightful Cowryvest articles and results analyses here.
DISCLAIMER: All contents on this website are for informational purposes only and should not be taken as any form of investment advice. Do your own research and contact your financial advisor before making any investment decision. All contents may not be reproduced, distributed, or used without prior written permission.
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