Shareholders of Odu’a Investment Company Limited yesterday approved the payment of N418.4 million as cash dividends for the 2021 business year. The latest dividend payout represented an increase of 15 per cent on N364 million paid for 2020.
At the annual general meeting at the Lagos Airport Hotel, the shareholders also approved the appointment of Otunba Bimbo Ashiru as the company’s new chairman.
In attendance at the meeting in Lagos were shareholders represented by the Secretaries to the State Governments (SSGs) of Oyo, Ondo, Ogun, Osun, Ekiti and Lagos states. Furthermore, resolutions presented for shareholder approval were adopted.
Addressing shareholders, Group Chairman, Odu’a Investment Company Limited; Dr. Segun Aina, said despite the harsh operating environment, the company’s Profit before tax grew significantly by 149.8 per cent from N3.75 billion achieved in 2020 to N9.37 billion, driven by the increased focus on the different areas of the business and gains in investment properties.
He noted that on the strength of this performance, the company increased its dividend pay-out by 15 per cent to N418.4 million for 2021 financial Year (2020: N364 million), marking the eight consecutive year that the company is declaring and paying dividends to shareholders.
Aina assured shareholders that the Board had put in various best practice governance policies in the year under review that will ensure the company’s investments create sustainable impact in the ensuing years.
Also speaking at the meeting, Group Managing Director, Odu’a Investment Company Limited Mr. Adewale Raji explained that the pre-tax profit for 2021 included revaluation gains of N7.11 billion from the company’s investment properties portfolio which was N2.63 billion in 2020.
“If these accounting gains are stripped off, the normalized pre-tax profit for 2021 will be N2.26 billion and N1.12 billion for 2022; representing an appreciable 102 per cent growth” Raji said.
