Shareholders of Custodian & Allied plc have applauded the performance of the company in the 2016 financial year, a time when many businesses struggled to break even.
The company during the financial year ended December 31, 2016 paid out a cumulative dividend of 25 kobo per 50 kobo share, having paid 7 kobo interim dividend at half year and a final dividend of 18 kobo.
The shareholders including Patrick Ajudua, Amos Adeyinka, stated that the board and management should be commended to have posted this result and able to give returns on investment despite the harsh economic environment.
They also gave their approval to the board under special business, to raise additional capital to support operations of the company, as well as increase share capital of the company from N3.5 billion to N5 billion by the creation of additional 3 billion ordinary shares.
Omobola Johnson, chairman of Custodian and Allied Plc, speaking at its 22nd Annual General Meeting held in Lagos said “the challenging environment in which your company operated in 2016 tested the resilience of our management and its ability to operate professionally and profitably in difficult times.”
“All significant performance metrics for the year under review were better than prior years as year over year growth of 30 percent, 29 percent and 33 percent were recorded in gross revenue, profit before tax and total comprehensive income respectively”.
While the total revenue moved from N29.79 billion in 2015 to N38.56 billion at the end of 2016, its asset rose from N57.37 billion in the previous year to N68.10 in the review year. Also while the profit before tax was N7.38 billion as against N5.73 billion, profit after tax stood at N5.33 billion as against N4.40 billion.
Johnson stated that in absolute terms, total comprehensive income attributable to shareholders was N5.2 billion, that is N1.3 billion better than prior year while net shareholders’ value, after adjusting for dividend paid increased by 3.9 billion.
She said management continues to deploy the groups assets professionally, prudentially and profitably within the dictates of the evolving local and world economics to ensure the safety of its policy holders fund, shareholders fund and as well as to create value.
While expressing optimism that the worst days are over for the economy, she expressed further hope that the company is positioned to deliver more value to its teaming stakeholders.
Custodian and Allied is a group of companies with interest in general Insurance, life insurance, Trustees and Pensions.
