The Odu’a Investment Company Limited recorded a revenue of N4.29billion in 2014 compared to the N4.51billion recorded in 2013, a five percent decline.
The company jointly owned by Oyo, Ogun, Osun, Ekiti and Ondo states of Nigeria however recorded a 53 percent increase in its profit before tax to N759million in 2014 compared with N495million in 2013.
The groups earning per share (EPS) inched up 98 percent from N0.72 to N1.43 in 2014.
To this end, the conglomerate with specialty in several sectors like hospitality, estates, farming, and insurance declared a dividend of N150 million for payment to its shareholders after non-declaration for a period of six years.
Speaking at its 33rd Annual General Meeting (AGM) in Ibadan, the Chairman Board of Director, Isaac Akintade expressed optimism at the turnout and performance of the company, which he said
recorded low-key performance in 2012 and 2013 financial years
Akintade had hinged the company’s poor performance in the previous financial year to the economic situation of the country.
He therefore disclosed that Group Managing Director just came back from Turkey and “as he mentioned, we are partnering with a company in Turkey to come and establish an Agro-processing company here in Nigeria. So, we want to use part of the land we inherited to plant a lot of
variable crops such as tomato. We know our economy is a bit down now and we all know this company is owned by the five states, we will give our best,” he said.
In his address, Adewale Raji, the GMD said the group result had indicated the company was gradually improving despite a five percent decline in its revenue.
“All financial ratios demonstrated improved performance fundamentals coupled with revised vision and mission statements, as well as
key objectives and goals towards executing the group’s lofty target focused on growth, profitability and sustainability.”
Going by its 2015-2019 strategic plan, he said, he was optimistic of an improved growth for the company in the future; the meeting which featured the distribution of dividends to shareholders was attended by the Secretaries of owner states governments, who had come to represent their various states.
Meanwhile, Governors of five owner states of Odu’a Investment Company limited including Senator Abiola Ajimobi (Oyo), Ibikunle Amosun (Ogun), Ayodele Fayose (Ekiti), Olusegun Mimiko (Ondo) and Rauf Aregbesola (Osun) Wednesday lauded the commitment of the management of the company limited on the payment of 2014 dividends to the owner states.
