The Odu’a Investment Company Limited has declared the sum of N849m as profit for the financial year ended December 2018.
Chairman of the organization , Engr Olusola Akinwumi, gave the figure on Wednesday, October 30 at the company’s group headquarters in Ibadan, Oyo State, during its 37th Annual General Meeting (AGM), adding that the shareholders had approved the payment of N292m as dividends.
According to him, the total of N1.208bn has been paid to the shareholders in the last five years, stressing that the group has resolved to make the investment the engine room of the economic development of the region.
Engr Akinwunmi while announcing that 22 per cent increase in profit before tax from N698m in 2007 to N849m in 2018 reiterated that this was as a result of the concerted efforts by both board and management to reposition the organisation.
He assured shareholders, including Lagos State attending the AGM for the first time, of the company’s commitment to strict adherence to highest standards of corporate governance and ethical leadership.
The Group Managing Director/ CEO of the organisation, Mr Adewale Raji, said that improvement in the firm’s financial results was driven by high operational performance and focused efforts to transform its business models to one.
This, he said, involved all constituent units operating and contributing as a proper going concern working according to the expectations of shareholders and stakeholders.
He noted that further measures had been taken to improve the company’s business process.
Mr. Raji added, “The company will continue to forge ahead in assimilating more private-sector principles in organisational structure, benchmarks and performance measurements and develop more business models that leverage the socio-economic competitiveness and comparative advantages of all South-West states.”