The 39th Annual General Meeting(AGM) of Odu’a Investment Company Limited was held on Thursday, July 15, 2021 at the Group head office, Cocoa House, Ibadan.
At the AGM, the consolidated financial statement of the Group for the financial year 2020 was approved as well as the payment of cash dividend of N364 million to its shareholders, which represents a 14 per cent increase from 2019.
Speaking, the Chairman, Board of Directors of Odua’a Investment Company Limited, Dr. Segun Aina (OFR), said the Group recorded 11.5 per cent increase in its profit after tax- from N4.665 billion in 2019 to N5.203 billion in 2020.
He reiterated that the development was as a result of astute oversight of the Board and focus of management despite the global economic shock of a pandemic year.
Aina assured shareholders that the Board’s continued focus on the audacious five-year growth plan,2021-2025, will drive the Group to become a world class conglomerate, ensure sustainable returns to all stakeholders and enhance the legacy for future generations.
He said the Group’s businesses would further be supported with new work practices, technology, 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, profitablilty and efficiency to sweat the existing assets, revive inactive entities and create new businesses,” Aina said.
Commenting on the results, the Group Managing Director and Chief Executive Officer of the company, Mr Adewale Raji, said Odu’a Investment Limited experienced the headwinds of the 2020 global COVID-19 pandemic, particularly in its hospitality and real estate sectors.
He stated that the revenue generated was a quantum leap up by 112 per cent, from N1.809 billion in 2019 fiscal year to N3.842 billion in 2020 fiscal year.
“The company’s profit before tax increased dramatically to N3.75 billion from N890 million in 2019. A sizeable chunk of this profit before tax is a N2.63 billion gain from investment properties revaluation which if stripped puts the net profit before tax at N1.12 billion. That represent a 26 per cent increase over the 2019 performance of N890 million,” the GMD said.
Raji also reported that the company had made a landmark achievement by winning a sizeable percentage of BITA marginal oil field that was part of the recent Department of Petroleum Resources 2020 Marginal Oil Field bid round, for which it has fully paid its award signature bonus.
He expressed optimism that future is bright for the Group on account of “on-going investment drive and initiatives in priority sectors of real estate, hospitality, agriculture, energy, logistics and e-commerce, healthcare, financial services and ICT/digital.”
“Strategic partnerships remain the cardinal platform for this multi-sector presence, that is the nucleus of the Groups ‘SRC-2025’ strategy,” Raji added.
The GMD appreciated the shareholders for their commitment to corporate governance and demonstrated support that the Group should run as a dynamic and sustainable business. He also expressed gratitude to the Board for its tireless commitment to midwife the company into the league of world class conglomerates since its inauguration in May 2020.
The N364 million declared as dividend for 2020 financial year, marks the seventh consecutive year that the company would be declaring and paying dividend to shareholders.