By; BAYO AKAMO, Ibadan
The Chairman, Odua Investment Company limited, Engineer Sola Akinwumi on Wednesday hinted that the conglomerate revenue has increased from N3.918 billion in 2016 to N4.068 billion in 2017 amounting to 3.8 percent increase.
Engineer Akinwumi who dropped the hint at the 36th Odua Investment Company annual general meeting held at its corporate headquarters in Ibadan
also said Odua Investment made profit before tax of N698 million for the financial year ended December 31st, 2017.
The Chairman stressed that the conglomerate directors have approved N277.78 million as dividend to shareholders, adding that in the year under review, Odua Investment Company skewed assets in real estate adversely affected the business as a sizeable number of clients and tenants in rented commercial, retail and residential properties defaulted in rent payments.
Emphasizing that overall cist increases due to inflation and devaluation of the currency the previous year pushed operating cost upwards, Engineer Akinwumi said in aligning with the priority sectors of federal government’s Economic Recovery and Growth Plan(ERGP), Odua Investment ” is pursing sustainable development projects in the areas of agriculture, services and infrastructure.”
Speaking further, the Chairman added that Odua Investment had made disciplined investments for growth opportunities as it ” recently embarked on full buy back of minority holding leading to 100 percent ownership of one of the moribund manufacturing outfits in the group, Cocoa Industries Limited,Ikeja for better utilisation of its facilities in joint ventures.”
According to him, Odua Investment, ” is currently undertaking commercial cultivation of tomatoes on a portion of its 3,500 hectares arable farmland in Imeko,Ogun state” and that there are plans to further strengthen the company for more investment frontiers as the company’s board had approved the drawing up of a new strategic plan which would be implemented in phases over a five- year period.
Assuring that Odua Investment Directors are committed to strict adherence to highest standards of corporate governance and ethical leadership, Engineer Akinwumi while commenting on the coming on board of the Lagos State into the Odua group disclosed that the ” coming of Lagos into Odua as one of the investing states is best for regional integration agenda,we shall continue to work out synergy to drive the socio-economic development of the western region
The Group Managing Director, Odua Investment Company, Mr Adewale Raji, declared that with the approval of N277.78 million divided for 2017 financial year,Odua group to the credit of the board, management and staff have so far declared and paid about N920 million to shareholders over the last four years (2014-2017).
Mr Raji assured that despite the challenging economic climate locally and globally, Odua Investment ” is geared to overcome the carious business environment challenges”,
“The company is deeply convinced that our fiscal discipline, the deepening of expertise and competencies and focus on our vision and investments in new business will be our drivers of growth,these we believe will yield new revenue streams that will create value for our shareholders” he said..