The Odua Investments Company Ltd recorded a revenue growth of N3.95 billion for the 2023 financial year.
The Group Managing Director (GMD) of the company, Mr Adewale Raji, disclosed this while explaining the conglomerate’s financial report to shareholders and other stakeholders at its 42nd Annual General Meeting, held at Lagos Airport Hotel, Ikeja, Lagos.
The figure represents a seven per cent growth above the N3.68 billion recorded in 2022 financial year.
Raji explained that the company grew in revenue despite challenging operating environment and global economic issues.
However, Profit Before Tax (PBT) fell by over 50 per cent from N4.08 billion in 2022 to N1.96 billion in the financial year.
The GMD said should revaluation gains on the company’s investment properties portfolio be stripped off, the PBT actually increased by 62 per cent to N1.772 billion from N1.092 billion in 2022 financial year.
The company declared N428 million dividends to the six owner states of Lagos, Ogun, Oyo, Osun, Ondo and Ekiti. The sum brought total dividend payment in the last 10 years to N3.11 billion.
Raji stressed that the company paid the same dividend as that of 2022 financial year based on its continued quest to deepen its investments footprints.
The Chairman, Board of Directors, Otunba Bimbo Ashiru, promised that the company would continue to strive for transformation and repositioning of its businesses in the ever-changing business environment, stressing that the board would keep improving in productivity and profitability through special focus on corporate governance and growth as well as capacity development and profitability.
Governors of the six owner states, who were represented by their Secretary to the State Government (SSGs), took turn to commend the outgoing GMD, Raji, and the immediate past chairman of the board, Dr Segun Aina, who was also stepping down after completing his tenure.
Raji’s tenure will end on May 31, with Mr Abdulrahman Yinusa succeeding him.
Raji will be remembered for recovering the company to focus on profitability and sustenance.
