Insider Deals: Emanuel Nnorom Acquires 500,000 Shares in United Capital

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  1. The management of United Capital Plc, a leading African financial and investment banking Group, has disclosed that Emanuel Nnorom/Vine Foods Limited 2, a related company, purchased ordinary shares of 500,000 at N4.12 per share on November 2, 2020.

In a statement signed by Leo Okafor, Company Secretary and released through the Nigerian Stock Exchange (NSE), United Capital said the transaction took place at the Nigerian Stock Exchange in Lagos, Nigeria.

Previously

Earlier, Emanuel Nnorom/Vine Foods purchased ordinary shares of 1,000,000 at N3.20 per share on August 19, 2020. Also, purchased ordinary shares of 250,000 at N3.08 per share on September 14, 2020.

Insider Dealing brandspurng Emanuel Nnorom Acquires 500,000 Shares in United Capital

Emmanuel N. Nnorom is a businessperson who has been at the helm of 9 different companies. Presently, he is Chairman of Afriland Properties Plc, President & Chief Executive Officer for Heirs Holdings Ltd., Chairman for Transcorp Power Ltd. and Chairman for Transcorp Hotels Plc.

He is also on the board of Transnational Corp. of Nigeria Plc (former President, Chief Executive Officer & Director), Africa Prudential Plc and United Capital Plc.

A peek into United Capital’s Financials

United Capital Plc grew its Gross Earnings and Net Income (i.e. PAT) by 33% and 26% respectively to ₦7.069 billion and ₦3.463 billion compared to the corresponding period of 2019.

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Sharp Drop in Other Income Failed to Impact Gross Earnings

Despite the 65% decline in its Other Income (to ₦308.82 million) relative to the corresponding period of 2019, the company’s Gross Earnings rose by 33% in 9M’2020 to print at ₦7.069 billion compared to ₦5.322 billion reported in 9M’2019.

The increase in Gross Earnings was jointly driven by a 55% surge in Investment Income to ₦74.386 billion, a 62% increase in Fee & Commission Income to ₦2.249 billion, and a 61% spike in Net Interest Margin to ₦125.28 million relative to 9M’2019.

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