The Group Managing Director of Odu’a Investment Company Limited,Adewale Raji has expressed optimism that the company would wax stronger and live up to its billing as a reliable future conglomerate .
Odua group is owned by Oyo, Osun, Ogun, Ondo, Ekiti and Lagos states.
Raji,who spoke at the company’s Annual General Meeting (AGM),recently ,hinged his hope on the group’s on-going investment drive and initiative in its priority sectors of real estate,hospitality, agriculture, energy, logistics and e-commerce,healthcare, financial services and ICT/digital.
He disclosed that the company made a landmark achievement by winning a sizeable percentage of marginal oil field that was part of the recent Department of Petroleum Resources 2020 Marginal Oil Field bid round for which it has fully paid its award signature bonus.
He said the company experienced headwinds of 2020 global Covid-19 pandemic particularly in its hospitality and real estate segments,adding that the revenue generated was a quantum leap up by 112 percent from N1.809 billion in financial year 2019 to N3.842 bilionin 2020.
According to him, the company’s Profit Before Tax increased dramatically to N3.75 billion from N890 million in 2019.
He explained that the dividend of N364 million for the 2020 makes it seven consecutive year that the company is declaring and paying dividends to shareholders.
Earlier in his remarks,the chairman of the group,Segun Aina,said,despite the global COVID-19 pandemic, Odu’a Investment Company Limited recorded group profit after tax of N5.203 billion for the 2020 fiscal year, representing increase of 11.5 percent over the N4.665 billion profit in 2019.
He said the board approved a dividend of N364 million to it’s shareholders which is an increase of 14 percent over previous year.
According to him, the board’s continued focus on audacious 5-year growth plan 2021-2025 would drive the group to become a world class conglomerate, ensure sustainable returns to all stakeholders and enhance the legacy for future generations.
He said that the group’s business would further be supported with new world practices,technology and policies and incentives to achieve its growth strategy.
He added:”This strategy of Sweat, Revive and Create (SRC-2025) is pinned on the strategic pillar 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”.
