Custodian Investment Plc, a diversified non-bank financial institution, has reported that its gross revenue increased by 14 percent to N85.5 billion in full year ended December 31, 2021 despite operating in a challenging environment.
This is compared to N75.06billion in 2020. The Group’s profit before tax (PBT) decreased to N12.003billion from a high of N13.686billion in 2020, down by 12.3percent. The Group’s profit for the period stood lower at N 9.357billion from N12.687billion in 2020, down by 26.24 percent.
The company, which disclosed this in its unaudited result for the year ended 2021, added that after adjusting for non-recurring one-time gain from prior year’s result, profits from continuing ordinary operations recorded 18 percent growth.
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The result also showed that the Custodian Group’s shareholders’ fund grew by 14 percent from N47.6billion to N54.3 billion after paying dividends totalling N3.24 billion or 55kobo per share during the year.
Speaking on the result, the company’s Group Managing Director, Wole Oshin, said the result can be attributed to the resilience of the Group, the diversity of its product offerings, commitment of its staff and the unwavering support of its Board of Directors.
Oshin expressed optimism for a brighter future for the Custodian Group, which has investments in life and non-life insurance, pension fund administration, trusteeship and real estate businesses.
He expects the incremental contribution that will flow in from the Group’s real estate business segment, which is being restructured, to boost the fortunes of the company. While recognising their contribution, Oshin appreciated the steadfastness of its clients, agents, brokers and all other stakeholders in the insurance, pension, and investment value-chain to the Custodian Group.
