United Capital Cash Flow Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	29,291	24,103	11,420	9,653	11,259	7,811	Upgrade
Depreciation & Amortization, Total	691.73	520.19	385.53	268.47	275.28	272.59	Upgrade
Gain (Loss) On Sale of Investments	-8,438	-3,146	8,113	5,661	125.08	322.03	Upgrade
Change in Accounts Receivable	35,192	-76,117	-34,489	-28,539	-2,595	-3,334	Upgrade
Change in Other Net Operating Assets	445,518	514,809	165,907	120,920	217,772	45,922	Upgrade
Other Operating Activities	9,021	1,476	-19,410	1,110	-11,488	1,293	Upgrade
Operating Cash Flow	512,032	462,220	139,945	109,626	215,499	52,685	Upgrade
Capital Expenditures	-1,444	-772.32	-1,178	-110.87	-110.45	-411.12	Upgrade
Sale (Purchase) of Intangibles	-205.19	-911.59	-68.55	-137.84	-57.58	-12.18	Upgrade
Investment in Securities	-436,756	-392,148	-240,294	-20,856	-201,976	-54,182	Upgrade
Other Investing Activities	5,231	1,165	954.98	1,016	1,707	116.87	Upgrade
Investing Cash Flow	-432,954	-392,447	-240,585	-20,088	-200,438	-54,409	Upgrade
Long-Term Debt Issued	-	198,467	109,680	36,026	17,564	32,214	Upgrade
Long-Term Debt Repaid	-	-68,534	-11,032	-18,990	-18,184	-14,959	Upgrade
Net Debt Issued (Repaid)	-17,317	129,933	98,649	17,036	-619.94	17,256	Upgrade
Common Dividends Paid	-14,400	-16,200	-9,000	-9,000	-4,200	-3,000	Upgrade
Financing Cash Flow	-31,717	113,733	89,649	8,036	-4,820	14,256	Upgrade
Foreign Exchange Rate Adjustments	11,200	-19,224	5,715	-1,513	-42.66	752.68	Upgrade
Net Cash Flow	58,561	164,282	-5,276	96,060	10,199	13,285	Upgrade
Free Cash Flow	510,588	461,448	138,767	109,515	215,388	52,274	Upgrade
Free Cash Flow Growth	513.95%	232.53%	26.71%	-49.16%	312.04%	-	Upgrade
Free Cash Flow Margin	885.52%	1230.81%	646.64%	449.45%	1305.24%	415.89%	Upgrade
Free Cash Flow Per Share	28.37	25.64	7.71	6.08	11.97	2.90	Upgrade
Cash Interest Paid	180,045	144,087	67,912	39,071	14,733	13,386	Upgrade
Cash Income Tax Paid	1,756	773.97	2,802	533.13	728.96	455.13	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.