Strategic investment and asset management firm, Odu’a Investment Company Limited, has said that the company recorded a 102 per cent growth in its operating profit for the year, ended 2021.
The Board Chairman, OICL, Dr. Segun Aina, stated this at the 40th Annual General Meeting of the company held in Lagos on Wednesday.
He said the company had successfully navigated through some monumental challenges posed by the Covid-19 pandemic to emerge better and stronger.
According to him, the company was now on track towards further growth following the floating of its five-year target plan which had already begun to yield promising results.
He said, “I am pleased to inform you, distinguished ladies and gentlemen, that Odu’a Investment’s operating profit grew from N1.12bn in 2020 to N2.26bn in 2021, representing a 102 per cent in the operating profit of the company.
“The company’s total assets also grew to N110bn. Profit before tax grew by 149 per cent from N3.75bn achieved in 2020 to N9.37bn in 2021, driven by the focus on the different areas of investment and gains in investment property. Our earnings per share also improved to N50.20kb for 2021, compared to N5.10kb in 2020. We have seen significant growth in the earnings per share of the company. Delivering shareholders satisfaction remains a core commitment of this board as seen by our progressive dividend payment.”
He added that for the year ended 2021, the board had approved dividend payment of N418 million to shareholders, which was an increase of 14 per cent over the 2020 payment.
On his part, the Governor of Ogun State, Prince Dapo Abiodun, said his administration had been pleased with the performance of the company since the inauguration of a new board in 2020. He also pledged that his government would continue to provide the requisite support and the enabling environment for the company to thrive.
Abiodun said, “We in Ogun State are deeply committed to the cause of Odu’a and to what Odu’a was established to achieve. We will continue to give the needed support so that economic and financial objectives of Odu’a are realised.
Also speaking, the Governor of Ondo State, Oluwarotimi Akeredolu, lauded OICL for its tenacity to scale through hard times and reposition the company towards achieving unprecedented success.
He, however, warned the board to consistently measure the performances of the individual subsidiaries of the company to ascertain areas of frailties and develop ways to fix those loopholes.
The AGM also witnessed the handing over of the reins of the board’s leadership from Dr Segun Aina to a former Commissioner for Commerce in Ogun State, Abimbola Ashiru.