The Group Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru has announced N428 million in dividend payments to its shareholders for the 2022 financial period.
This dividend payout surpasses the N418 million paid in 2021, the chairman made the announcement at the company’s 41st annual general meeting.
Despite the economic challenges faced by businesses during this period, Odu’a Investment Company managed to showcase resilience and growth. The Group Chairman attributed the success to the company’s well-thought-out strategies and prudent management decisions.
One of the key factors contributing to Odu’a Investment’s growth was the increase in its total assets, which rose by 3.6 percent from N110.56 billion in 2021 to N114.51 billion in 2022.
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Addressing the company’s performance, the Group Managing Director/Chief Executive Officer, Adewale Raji, highlighted the successful revitalization of its hospitality business through strategic partnerships for redevelopment into world-class hospitality and leisure destinations.
One of the standout achievements was the remarkable performance of Wemabod Limited, Odu’a Investment’s full-fledged real estate business, which made substantial progress in alignment with its strategic goals.
The Group Managing Director emphasized that the 2022 payment would bring the total dividends paid over the last nine years to an impressive N2.56 billion. This achievement underscores the company’s consistent commitment to rewarding its stakeholders and providing them with a rewarding investment experience.
The financial details presented during the annual general meeting further shed light on the company’s performance.
In 2022, Odu’a Investment Company recorded a revenue of N3.68 billion, representing an 8.5 per cent decrease from the previous year’s figure of N4.01 billion. The profit before tax for 2022 was N4.08 billion compared to N9.37 billion in 2021, largely influenced by a reduction in revaluation gains on investment properties.
Adewale Raji clarified that these revaluation gains do not occur uniformly across all properties and can vary from year to year.
He also presented the normalized profit before tax for 2022, standing at N1.1 billion compared to N2.26 billion for the preceding year.