Business

Odu’a Investment Company records N890m profit before tax

The Odu’a Investment Company Limited has revealed that it recorded N890 million profit before tax.

It also declared dividend of N320 million for the shareholders for the 2019 financial year.

The Chairman of the Group, Dr. Segun Aina, who disclosed at the Annual General Meeting (AGM), held recently in Ibadan, Oyo State, noted that the company as part of its Corporate Governance reforms got shareholders’ approval for the appointment of 2 each Independent Directors and Group Executive Directors to strengthen the Board which now has 11 members

Aina said, ‘’2019 profit before tax (PBT) of N889.71million was 5 percent higher compared with 2018 PBT of N849.34million. The prudency of Management and its budget monitoring processes coupled with increased efficiency and productivity reduced operating costs and boosted profitability of the company in the year under review.’’

In his remarks, the Group Managing Director/CEO, Mr. Adewale Raji, said despite the global and domestic economic challenges during the financial year that affected revenue trajectory, the company managed to increase its PBT by 5 percent compared to 2018.

Speaking on progress made on some of the Group’s subsidiaries, Raji noted that Oil and Gas upstream sector, agriculture with processing component, and the mechanised farm at Imeko, Ogun State where 1,200 hectares of cassava is currently under cultivation with a technical partner that will feed into two 50ton/day modular processing plants for the conversion of cassava tubers into High Quality Cassava Flour (HQCF) and High Quality Cassava Starch (HQCS) have advanced.

“There are also renewed organic growth efforts at our Wemabod Limited (Real Estate) and Glanvill Enthoven Insurance Brokers & Pensions Consultants Ltd (Insurance Brokerage),” he stressed

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