At 38th AGM, Odu’a declares Profit Before Tax of N890m

THE Odu’a Investment Company Limited has declared Profit Before Tax of N890 million, sharing dividend of N320 million to shareholders at the just concluded virtual Annual General Meeting (AGM) zoomed to other shareholders covering all the owner states from its head office, Cocoa House, Ibadan.

The 38th AGM of the company which observed all COVID-19 safety measures adopted a new slogan; OICL..Enhancing the legacy for the future of the generations had all of the resolutions placed before shareholders approved.

The general meeting approved, among other resolutions, the group and holding company consolidated financial statements for the financial year ended 31st December 2019 as well as the payment of cash dividend of N320 million to its shareholders.

The company as part of its corporate governance reforms also got shareholders approval for the appointment of two independent directors and executive directors to strengthen the board which now has 11 members.

Speaking at the AGM, the Chairman, Dr Segun Aina said that 2019 Profit Before Tax of N889.71 million was five per cent higher compared with 2018 Profit Before Tax figure of N849.34 million.

“The prudence of management and its budget monitoring processes coupled with increased efficiency and productivity reduced operating costs and boosted the profitability of the company in the year under review.”

Dr Aina, optimistic of the new direction of the company, assured shareholders that with the new vision to be a world-class conglomerate and the ambitious financial targets, the board remained positive about the company’s future and would “continue to work closely with the management and provide the needed oversight, guidance and strategic direction.”

The company’s Group Managing Director/CEO, Mr Adewale Raji, stated that despite the global and domestic economic challenges during the financial year that affected its revenue trajectory, the company managed to increase its PBT by five per cent compared to 2018.

He assured shareholders of better performance in ensuing years as the new board and the management team had at a recent strategy retreat mapped out a new course to deliver on an audacious five-year growth plan.

In his words “This growth plan entails consolidating on existing businesses and diversifying into high growth and profitable sectors of the economy to realise our strategic objectives of creating value for our shareholders and delivering social impact to the South-West states.”

The GMD spoke on some of the company’s new foray into the oil and gas upstream sector and agriculture with processing component. This included the Group’s mechanised farm at Imeko, Ogun State where 1,200 hectares of cassava is currently under cultivation with a technical partner that will feed into two 50 ton/day modular processing plants for the conversion of cassava tubers into High Quality Cassava Flour (HQCF) and High Quality Cassava Starch (HQCS).

“There are also renewed organic growth efforts at our Wemabod Limited (Real Estate) and Glanvill Enthoven Insurance Brokers & Pensions Consultants Ltd (Insurance Brokerage).”

He emphasised on the Group’s commitment to agricultural transformation to address food security, export earnings, job creation, accelerating industrialisation and lifting the rural economy.

The Group had recently incorporated South West Agriculture Company Limited (SWAgCo) to mid-wife the agriculture transformation of the South West strictly on sound private-sector principles and strategic partnerships. 

“This Agric investment company has already identified focused food crops, cash crops, livestock and agriculture processing that will guide its investment decisions. SWAgCo will spin-off SPVs that will bring about profitable economic growth and social impact of job creation and lifting the rural economy of their locations.

“The Group will focus its strategy in critical essential sectors of the economy like food and manufacturing, healthcare and pharmaceuticals, logistics, ICT/digital etc which are all well covered in the new 2021-2025 Strategic Plan.” 

Raji added as the new outlook for the future of the company.

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