Finance

Shareholders approve Custodian Investment’s dividend payment

Shareholders approve Custodian Investment’s dividend payment

Shareholders have commended the board of directors and management of Custodian Investment Plc for sustaining good performance and payment of dividends on a yearly basis.

In a statement, the company expressed its commitment to deliver strong and sustainable returns to shareholders as the board approved a total dividend of 65 kobo per share, interim dividend of 10 kobo per share and final dividend of 55 kobo in respect of the result of the 2022 financial year, subject to appropriate withholding tax.

The President of Noble Shareholders Association of Nigeria, Matthew Akinlade, who led other shareholders to give the commendation at the 28th annual general meeting of the company in Lagos, said Custodian Investment is an investor’s delight.

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He urged the board and management to keep up the good performance.

Akinlade commended the board and management for turning around the fortunes of UPDC Plc, a subsidiary of the company acquired with 51 per cent equity stake in 2020.

The company’s revenue grew from N825m in 2021 to N5.9bn in 2022, while its profit before and after tax ended the year at N329m and N199m respectively.

Also commenting on the 2022 annual report and accounts of the company, one of the shareholders, Mr Adebayo Adeleke, said “This is an investment to hold. Any investor that does not have Custodian Investment’s equity in his investment basket is a kindergarten investor.”

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Adeleke also said the board should consider having representation of minority shareholders on the board of the company or its subsidiaries.

The Chairman of the Board of Directors, Dr. Omobola Johnson, noted that, “Notwithstanding the economic headwind faced during the year, our company was able to report decent financial performance across the group”.

“We reported total revenue of N103.08bn, representing 20 per cent year on year growth. Profit before tax for the year was N13.7bn, an increase of 12 per cent when compared with N12.32bn achieved in 2021.

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Profit after tax grew by 11 per cent to N11.17bn.”

On the statement of financial position, the chairman said the group achieved growth of 16 per cent in total assets worth N213.20bn, while equity attributable to owners of the parent company also appreciated by 15 per cent to close the year at N63.18bn.

The Group Managing Director of the Group, Mr Wole Oshin, expressed optimism about the future and assured shareholders that the group would continue to stand tall.

Punch

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