United Capital has seen its share price surge by 31% from its closing price in July to N17 as of August 21, 2024, making it the third-best performing stock of the year. Following a dip to N10 on July 31, 2024, due to sell-side pressure, the stock regained momentum in August, buoyed by a market volume of 8 million shares.
Year-to-date, United Capital’s share price has soared by 121%, trailing only Geregu Power and Presco, which have risen by 150% and 151% respectively.
Financially, the company reported strong performance for the period ending June 30, 2024. Revenue increased by 37.52% year-over-year to N15 billion, while pre-tax profit rose by 63% to N9 billion. Earnings per share jumped to N2.58, up from N1.56 the previous year. Despite a 16% increase in expenses, United Capital’s total assets grew by 27% year-over-year, with cash and cash equivalents expanding by 240% to N494 billion.
For the first half of 2024, the company declared an interim dividend of N0.91 per share, amounting to N5.4 billion, for shareholders registered before July 31, 2024.
In the 2023 annual report, Chairman Chika Mordi reaffirmed the company’s commitment to achieving its goals and delivering superior performance in 2024. He emphasized United Capital’s resilience and ability to navigate any challenges that may arise this year.
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United Capital remains in a bullish position and may experience minor pullbacks, which could present buying opportunities for investors.
