The Odu’a Investment Company Limited has declared a profit after tax of N5.203bn for the year 2020 financial year.
This was declared at the 39th annual general meeting of the group held On Thursday at the Company’s Head Office, Cocoa House in Ibadan, Oyo State under special arrangement due to Covid-19 pandemic.
Secretaries to State Government from Oyo, Ondo, Ogun, Osun, Ekiti and Lagos States attended the meeting via zoom.
The Chairman of the OICL, Dr Segun Aina while addressing journalists after the meeting said all resolutions proposed were adopted by the shareholders.
The meeting approved the consolidated financial statement of the Group for the Financial Year 2020 as well as the payment of cash dividend of N364m to its shareholders which is a 14 per cent increase over prior year.
Aina, while announcing the 11.5 per cent increase in Group Profit After Tax from N4.665bn in 2019 to N5.203bn in 2020 reiterated that this was as a result of astute oversight of the Board and the focus of management despite the global economic shock of a pandemic year.
Aina assured shareholders that the Board’s continued focus on the audacious five-year growth plan 2021-2025 will drive the Group to become a world class conglomerate, ensure sustainable returns to all stakeholders and enhance the legacy for future generations.
He said, “The group’s business will be further supported with new work practices, technology and policies and incentives that will enable it achieve its growth strategy.
” This strategy of “Sweat, Revive and Create” (SRC-2025) is pinned on the strategic pillars of good governance and reporting, people and culture transformation, investment excellence, growth and expansion, and profitability and efficiency to sweat the existing assets, revive inactive entities and create new businesses.”
The Group Managing Director/CEO, Mr. Adewale Raji stated that the company experienced the headwinds of the 2020 global Covid-19 pandemic particularly in its hospitality and real estate segments.
He said the revenue generated was a quantum leap up by 112 per cent from N1.809bn in 2019 to N3.842bn in 2020.
The company’s PBT increased dramatically to N3.75bn from N890m in 2019.