*Group Chairman says its total assets grew to N114.51bn, posted profit before tax of N4.08bn billion
By; BAYO AKAMO, Ibadan
The Group Chairman, Odua Investment Company limited, Otunba Bimbo Ashiru has disclosed that the company recorded an operating revenue of N3.67 billion for 2022 financial.
Otunba Ashiru who made this known at the 41st Annual General Meeting of Odu’a Investment Company Limited (Odu’a Investment) and the presentation of the Annual Report and Financial Statements for the financial year ended 31st December 2022 held at Airport hotel, Ikeja
He also said the company posted a profit before tax of N4.08 billion in 2022, 56.5% lower than the N9.37 billion in 2021, adding “this was driven largely by lower revaluation gains”
Stressing that the company will continue to strive to transform and refocus its business for the future, Otunba Ashiru emphasized that in Nigeria, the business environment in 2022 was a year of two halves arising from the Russia-Ukraine war and the typical slowdown that has come to be associated with pre-election years which significantly weighed on economic activities and investments.
According to him, ” despite these challenges however, Odu’a Investment Company Limited showed significant resilience, and leveraged available opportunities within the economy to continue to create value for our shareholders”.
” Odu’a Investment Company Limited’s operating revenue decreased by 8.5% from N4.01billion in 2021to N3.67billion in 2022.The company posted a profit before tax of N4.08 billion in 2022, 56.5% lower than the N9.37billion in 2021. This was driven largely by lower revaluation gains.Total Assets grew 3.6% from N110.56billion in 2021, to N114.51billion in 2022″, he said.
Otunba Ashiru added, ” Despite the socio-economic challenges we faced as a business, I am happy to report that the Board has recommended a dividend of N428million for your approval. This is higher than the dividend of N418million paid in 2021, and indicative of our commitment to delivering sustainable returns”.
Speaking further, Otunba Ashiru noted, ” The outlook for 2023 remains positive. We expect some of the critical changes in the monetary and fiscal policy environment that will drive activities in real estate and construction,agriculture, and the power sector, amongst others”.
” I believe that the year 2023 will be pivotal for the business. Several
transformational initiatives in our operations will be completed or nearing completion,and it will therefore be a year of consolidating on the significant shift that the Board and Management have worked so diligently to achieve
over the last three years. The multiplier effects that we expect on our revenue and asset base have begun to appear, and the trajectory of the business can only be upwards”.
The Group Managing Director/CEO, Odua Investment Company limited, Mr Adewale Raji said ” in the year 2022, our businesses faced macroeconomic pressures, ranging from rises in the prices of diesel, fertiliser, and other agricultural inputs, to a sustained rise in the cost of building materials. Notwithstanding, most of our businesses witnessed modest revenue growth and expansion”.
” Our expectation is that there will be more macroeconomic stability in 2023 as we expect more decisiveness in dealing with the underlying drivers of inflation, and the foreign exchange market”, he said .
The GMD added, ” 2023 being a political transition year, we expect economic activities to improve gradually especially in H2 as we expect the new administration to unbundle the cleavages that will lead to sustainable economic growth”.
” As a business, we are resolute in our conviction that the business plans we set-out to execute in 2023 will drive the expected growth. We expect many of the opportunities in our pipeline to translate into positive revenue growth and profitability in 2023″.
Some of the investments we will be making this year, especially in our real estate and hospitality portfolio will however only start delivering revenue in 2024. Regardless, we see significant revenue growth in our Agriculture, and Energy subsidiaries. In concluding, I would like to thank all our stakeholders for your constant support.