The Odu’a Investment Company Limited has recorded its profit-after-tax of N5.203 billion for the 2020 fiscal year despite the emergence of COVID-19 pandemic.
This is an increase of 11.5 per cent of the N4.665 billion profit recorded in 2019.
Odua group is owned by Oyo, Osun, Ogun, Ondo, Ekiti and Lagos States
The Chairman, Board of Directors of the company, Dr. Segun Aina, while addressing shareholders at its virtual Annual General Meeting (AGM) zoomed from its head office, Cocoa House, Ibadan, Oyo State, yesterday, said the board approved a dividend of N364 million to its shareholders, which is an increase of 14 per cent over previous year.
He said the board continuous focus on audacious five-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.
Aina added that the group would further be supported with new world class practices, technology, policies and incentives to achieve its growth strategy.
According to him, “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.”
On his own, the Group Managing Director/CEO, Mr. Adewale Raji, said the group experienced headwinds of the COVID-19 pandemic particularly in its hospitality and real estate segments, noting that the revenue generated was a quantum leap up by 112 per cent from N1.809 billion in the financial year 2019 to N3.842 billion in 2020.
He said: “The PBT increased dramatically to N3.75 billion from N890 million in 2019, so a sizeable chunk of this PBT is a N2.63 billion gain from investment in properties revaluation which it stripped to put the net PBT at N1.12 billion that represents a 26 percent over the 2019 performance of N890 million.”
