By Ibukun Emiola
Ibadan – The Odu’a Investment Company Limited has declared N849 million as profit for the financial year that ended in December 2018.
News Agency of Nigeria (NAN) reports that the company disclosed this in Ibadan at its 37th annual general meeting (AGM) on Wednesday.
The Group Chairman, Mr Olusola Akinwunmi, who declared this noted that the shareholders of the company had approved the payment of N292 million as dividends.
According to him, the total sum of N1.208 billion had been paid to the shareholders in the last five years, stressing that the group had resolved to make the investment the engine room for the economic development of the region.
Akinwunmi announced a 22 per cent increase in profit before tax from N698 million in 2007 to N849 million in 2018.
He reiterated that this was as a result of the concerted effort by both the board and management to reposition the organisation.
He assured shareholders, including Lagos state government which was attending the AGM of the company for the first time, of the company’s commitment to strict adherence to the highest standards of corporate governance and ethical leadership.
Mr Wale Raji, the Managing Director of the organisation, in his remarks said improvement in the company’s financial results was driven by disciplinary operational performance.
He further said this was also due to the focused efforts to transform its business model to one in which all units were operating and contributing as an entity that was responsible and discharging its duties to meet the expectations of shareholders and stakeholders alike.
He highlighted in his report some measures taken to improve the company’s business processes.
He stated that an enterprise risk management framework had been adopted to insulate the group’s businesses against environmental and technological threats.
Raji, however, said the company would continue to forge ahead in assimilating more private sector principles in organisational structure, benchmarks and performance measurements.
He added that the company would also develop more business models that could leverage on the socio-economic competitiveness and comparative advantages of all Southwestern states.