The Odu’a Investment Company Limited has earned the sum of N849m as profit before tax for 2018 financial year ended December 2018.
This is an increase of 22 percent increase in profit from N698million in 2007 to N849million in 2018.
The conglomerate is owned by Oyo, Ogun, Ondo, Osun, Ekiti and Lagos states
Olusola Akinwunmi, the group chairman, in his address at the 37th annual general meeting of the company stated that the board approved the payment of cash dividend of N292million to shareholders.
According to him, the total sum of N1.208billion has been paid to the shareholders in the last five years, stressing that the group had resolved to make the investment the engine room for the economic development of the region.
Akinwunmi reiterated that the positive result was as a result of the concerted effort by both board and management to reposition the organisation.
He assured shareholders, including Lagos state attending the AGM of the company for the first time of the company’s commitment to strict adherence to highest standards of corporate governance and ethical leadership.
On his part, the group managing director, Adewale Raji said that improvement in its financial results were driven by disciplinary operational performance and focused efforts to transform its business models to one in which all constituent units are operating and contributing as a proper going concern that is responsible and discharging to the expectation of shareholders and stakeholders alike.
Raji said further that measures have been taken to improve the company’s business process, adding that an enterprise risk management framework has been adopted to insulate the group’s businesses against environmental and technological threats.
The GMD further said the company would continue to forge ahead in assimilating more private sector principles in organisational structure, benchmarks and performance measurements and develop more business models that leverage on the socio-economic competitiveness and comparative advantages of all southwestern states.
The Odu’a boss who also spoke on the developments within the group which includes emphasis on organic growth of two subsidiary firms,Wemabod Estates Limited and Glanvill Enthoven Insurance Brokers and Pension consultants, noted the companies are already taking shape.
He mentioned also the 124-household medium density and mixed luxury Westlink Iconic Villa, Alakia, Ibadan, a joint venture development with Iconic City (UK) Ltd which is billed for completion in the next 30 months.
The conglomerate is likewise looking into concluding on “project rebirth” to reposition its hospitality business-Lafia, Premier and Lagos Airport Hotels to bring major transformation and make them world class hotels.
On future outlook, Raji assured that the group would increase its involvement in agriculture and agribusiness to achieve growth, profitability and sustainability targets on an inclusive basis with economic and social outcomes.
Source: Businessdayng
