O’odu investment records 102 percent Growth
O’odu investment records 102 percent Growth
By Ayo Adegbiyi
The Oodua Investment has recorded some 102 percent growth. The Board Chairman of the agelong outfit, Dr Segun Aina said the company is owned by the six South West states is making tremendous progress even in the face of harsh economic realities.
He spoke at the 40th Annual General Meeting of the Company. He said the company survived the COVID-19 scourge to bounce back to global reckoning.
He said the company had successfully navigated through some monumental challenges posed by the Covid-19 pandemic to emerge better and stronger.
He said, “I am pleased to inform you, distinguished ladies and gentlemen, that Odu’a Investment’s operating profit grew from N1.12bn in 2020 to N2.26bn in 2021, representing a 102 per cent in the operating profit of the company.
Aina said further “The company’s total assets also grew to N110bn. Profit before tax grew by 149 per cent from N3.75bn achieved in 2020 to N9.37bn in 2021, driven by the focus on the different areas of investment and gains in investment property. Our earnings per share also improved to N50.20kb for 2021, compared to N5.10kb in 2020. We have seen significant growth in the earnings per share of the company. Delivering shareholders satisfaction remains a core commitment of this board as seen by our progressive dividend payment.”
He added that for the year ended 2021, the board had approved dividend payment of N418 million to shareholders, which was an increase of 14 per cent over the 2020 payment.
On his part, the Governor of Ogun State, Prince Dapo Abiodun, said his administration had been pleased with the performance of the company since the inauguration of a new board in 2020. He also pledged that his government would continue to provide the requisite support and the enabling environment for the company to thrive.
On his part, the Ogun State Governor, a major stakeholder said “We in Ogun State are deeply committed to the cause of Oodua and to what Oodua was established to achieve. We will continue to give the needed support so that economic and financial objectives of Oodua are realized.”
He spoke further “We in Ogun State are deeply committed to the cause of Odu’a and to what Odu’a was established to achieve. We will continue to give the needed support so that economic
