Capital firm United targets five mutual funds via new West African subsidiary, unveiling expansion strategy
United Capital Plc Reports Strong Half-Year Performance and Future Growth Plans
United Capital Plc, a leading financial services group in Nigeria, recently held a virtual investor and analyst call to discuss its half-year performance and outlook for the remainder of the year.
The call, held on August 6, 2022, revealed some promising figures for the company. Gross earnings for Q2 stood at N10.63 billion, marking an 18.33% increase year-on-year. This strong performance brought the half-year Profit Before Tax (PBT) to N13.79 billion, up 52% compared to H1 2024.
The Group's financial strength was further evident in the 7% increase in retained earnings and a 36% rise in the fair value reserve. Shareholders' equity grew by 25% in six months to N166.91 billion. However, the total assets on the balance sheet declined to N1.5 trillion from N1.7 trillion in December 2024.
During the call, Group CEO, Peter Ashade, expressed confidence about the impact of UCAMWAL, the Group's West African subsidiary, on the company's future growth. UCAMWAL, which was launched in June 2022, currently offers two mutual funds across the eight West African countries.
UCAMWAL, a member of the West African Economic and Monetary Union (WAEMU), operates in Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The company plans to launch at least five mutual funds in these countries by the end of 2025. UCAMWAL's mutual funds are denominated in CFA francs and are accessible to customers across the eight West African countries.
The Group CEO, Peter Ashade, did not mention any plans to expand into more African markets beyond the continent. However, he emphasized the Group's efforts to maintain investor confidence as a foundation for future growth.
For the first half of 2025, gross earnings reached N23.76 billion, exceeding 50% of the Group's total revenue for the entire 2024 financial year. United Capital Plc expects UCAMWAL to contribute to the profit of the group within six to one year.
The strong performance and future growth plans of United Capital Plc and UCAMWAL are a testament to the company's commitment to providing quality financial services and creating value for its shareholders.
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