Finance

Odu’a Investment declares N5.20bn annual profit

Odu’a Investment Company Limited has declared a profit after tax of N5.203bn for the 2020 financial year.

The Chairman of the company, Dr Segun Aina, announced this while briefing journalists after the 39th Annual General Meeting held at Cocoa House, Ibadan on Thursday.

Shareholders of the company, represented by the secretaries to the state governments of Oyo, Ondo, Ogun, Osun, Ekiti and Lagos attended the meeting online.

He said despite the challenges posed by COVID-19 in the year 2020, the group was able to surpass its performance in 2019.

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The company declared N364m dividend for the financial year, which according to him, marks the seventh consecutive year the company is declaring and paying dividends to shareholders.

He said, “The company posts 11.5 per cent increase in the group profit after tax from N4.665bn in 2019 to N5.203bn in 2020. This is result of astute oversight of the board and the focus of management despite the global economic shock of a pandemic year.

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“The board’s continued focus on the audacious five-year growth plan 2021 2025 will drive the OICL to become a world-class conglomerate and ensure sustainable returns to all stakeholders and enhance the legacy for future generations.

“The group business will be further supported with new work practices, technology and policies and incentives that will enable it achieve its growth strategy. This strategy of ‘Sweat, Revive and Create’ (SRC-2025) is pinned on the strategic pillars of good governance and reporting, people and culture transformation, investment excellence, growth and expansion, and profitability and efficiency to sweat the existing assets, revive inactive entities and create new businesses.”

The Group Managing Director/Chief Executive Officer, Mr Adewale Raji, said the company’s performance was negatively affected by the COVID-19 pandemic, particularly in its hospitality and real estate segments.

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He said the company made a landmark achievement by winning a sizeable percentage of BITA marginal oilfield during the recent DPR 2020 Marginal Oil Field Bid Round.

Punch

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