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  • Business - Companies
  • Updated: June 24, 2022

Odu’a Investment Records 102 Percent Increase In Profit

Odu’a Investment Company Limited, an asset management firm, says the company has recorded 102 percent growth in its operating profit for the year, ended 2021.

Dr Segun Aina, the Board Chairman, OICL,  made this known at the 40th Annual General Meeting of the company held in Lagos on Wednesday.

He said the company faced several challenges due to the COVID 19 pandemic but had successfully navigated through the challenges to emerge better and stronger.

“I am pleased to inform you, distinguished ladies and gentlemen, that Odu’a Investment’s operating profit grew from N1.12 billion in 2020 to N2.26 billion in 2021, representing a 102 percent in the operating profit of the company.

“The company’s total assets also grew to N110 billion.

"Profit before tax grew by 149 per cent from N3.75 billion achieved in 2020 to N9.37 billion in 2021, driven by the focus on the different areas of investment and gains in investment property.

"Our earnings per share also improved to N50.20kb for 2021, compared to N5.10kb in 2020.

"We have seen significant growth in the earnings per share of the company.

"Delivering shareholders satisfaction remains a core commitment of this board as seen by our progressive dividend payment.”

He also noted that the board had approved a dividend payment of N418 million to shareholders for the year ended December 2021, which indicates a 14 per cent increase compared to the 2020 payment. 

Commenting, Dapo Abiodun, Governor of Ogun State, said his administration had been pleased with the performance of the company since the inauguration of a new board in 2020. 

He also promised that his government would continue to support the company to thrive.

“We in Ogun State are deeply committed to the cause of Odu’a and to what Odu’a was established to achieve.

'We will continue to give the needed support so that economic and financial objectives of Odu’a are realised."

Also speaking at the Annual General Meeting, Oluwarotim Akeredolu, the Governor of Ondo State, commended the company for its ability to endure through hard times and reposition the company towards achieving unprecedented success.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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