By; BAYO AKAMO, Ibadan
Chairman of Odu’a Investment Company Limited, Dr Segun Aina on Thursday disclosed that the company has declared N5.203 billon as profit tax for the year 2020.
Dr Aina stated this while speaking at the 39th Annual General meeting, (AGM) held at the company’s head office in Ibadan, the Chairman said the company paid dividends of N364million payable for Financial year 2020..
Dr Aina pointed out that the profit tax represented 11.5% increase in Group Profit After Tax (PAT) from the N4.665 billion in 2019 to N5.203 billion in 2020.
The Odu’a Investment Company limited Chairman maintained that this was as a result of astute oversight of the company’s Board and the focus of management despite the global economic shock of a pandemic year .
Assuring stakeholders that the Board’s continued focus on the audacious 5year 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, Dr Aina declared that the group business will be further supported with me work practices, technology and policies as well as incentives that will enable it achieve its growth strategy.
” This strategy of ” Sweat , Review 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”, he said.
Speaking, the Group Managing Director of Odu’a Investment, Mr Adewale Raji stated the company experienced the headwinds of the 2020 global pandemic particularly in its hospitality and real estate segments and that the revenue generated by the conglomerate was a quantum leap up by112% from N1.809 billion in fiscal year 2019 to N3.842 billion”.
” The company’s PBT increased dramatically to N3.75billiin from N890 million in 2019. A sizeable chunk of this PBT is a N2.63billion gain from investment properties revalidation which if stripped puts the net PBT at N1.12billion that represent a 26percent increase over the 2019 performance of N890million”.