The Odu’a Investment Company Limited has approved consolidated financial statements for the financial year ended 31st December, 2019 as well as the payment of cash dividend of 320 million to its shareholders.
The decision was taken during the Annual General Meeting (AGM) of the group which was held at the company’s head office, Cocoa House, Ibadan, Oyo State under special arrangements due to the COVID-19 pandemic.
The Chairman of the Group, Dr. Segun Aina and the Group Managing Director/CEO, Mr. Adewale Raji were in attendance.
All of the resolutions placed before shareholders were approved.
The meeting also approved the appointment of two each independent directors and group executive directors to strengthen the Board which now has 11 members.
According to Aina, 2019 Profit Before Tax of N889.71 million was 5% higher compared with 2018 Profit Before Tax figure of N849.34million.
He attributed this to “the prudence of management and its budget monitoring processes coupled with increased efficiency and productivity reduced operating costs and boosted profitability of the company in the year under review.”
He assured shareholders that “with the new vision to be a world class conglomerate and the ambitious financial targets, the Board remains positive about the company’s future and will continue to work closely with the Management and provide the needed oversight, guidance and strategic direction.”
Raji stated that despite the global and domestic economic challenges during the financial year that affected Odua’s revenue trajectory, the company managed to increase its PBT by 5% compared to 2018.
He assured shareholders of better performance in ensuing years as the new Board and the management team had at a recent strategy retreat mapped out a new course to deliver on an audacious 5-Year growth plan. This entails consolidating existing businesses and diversifying into high growth and profitable sectors of the economy to realize our strategic objectives of creating value for our shareholders and delivering social impact to the South West States.