Wemabod to pay N42m dividend, records N1.32bn PBT

At the 50th Annual General Meeting of Wemabod Limited, held in Lagos on Friday, shareholders of the company approved N42 million dividend for the year ended 2023 as the board of Directors of the company announced the company made N1.32 billion profit before tax (PBT) for the year under review.

The Chairman of Wemabod Limited, MrIbukunEfuntayo, while presenting the annual report and financial statements for the financial year ending December 31, 2023, noted that despite the considerable challenges faced in 2023, Wemabod Limited achieved a profit before tax (PBT) of N1,323,105,000  in comparison to the board’s 2023 budget of N423 million.

He noted that In light of the performance, the board proposed a dividend payment of N42,400,000.00 to  shareholders, translating to N1.63k dividend per share.

Speaking further, Efuntayo noted that despite harsh conditions, Wemabod Limited has demonstrated remarkable resilience and has continued its upward trajectory.

“Our commitment to excellence in real estate development and management has positioned us as a leading and profitable real estate giant in the industry. This resilience is a testament to the quality of leadership, our strategic planning, robust operational framework, and the unwavering dedication of our team,” he said.

He however observed that one significant challenge the company faced has been the establishment of a sustainable financial model to support business expansion.

In response to this challenge, the Chairman explained that Wemabod Limited underwent a credit rating assessment by Agusto& Co., earning an A- rating. “This favorable rating reflects our solid financial health and aligns with our strategy of raising patient capital from the market. This was demonstrated by the investors’ acceptance of our Series 1 Bond raising activities,” he said.

Speaking on the significant strides the company had taken in achieving its strategic goals. The Managing Director and Chief Executive Officer of Wemabod Limited, MrYemiEjidiran recalled the strategic intents carved in the strategy document for the period 2020-2025.

According to him, these intents serve as guiding light, shaping the company’s decisions and actions as it strives for excellence in the real estate industry.

“I am proud to announce that we have made significant strides in achieving our strategic goals, with major achievements that have propelled Wemabod Limited to new heights.

“One of our proudest moments was when Agusto& Co, a global standard and foremost rating agency, bestowed upon us an enviable corporate rating of A- This recognition is a testament to our commitment to excellence, transparency, and sound business practices. Furthermore, our superior brand repositioning has positioned us as a leader in the industry, setting us apart from our competitors and showcasing our unique value proposition,” Ejidiran said.

He therefore assured stakeholders of the company that the board and management of the company will we not waver in its commitment to ensuring business continuity and the sustainable superior top-line and bottom-line performance of the company.

“We must remain vigilant and adaptable as we navigate this period of transition, drawing on our resilience and collective strength to overcome obstacles and seize opportunities,” he said.

Meanwhile, at the AGM, the Chairman announced that the Board of Directors of Wemabod Limited has unanimously decided that Mr. Bashir Oladunni (FNIVS) would succeed MrOluyemiEjidiran as the Managing Director as Ejidiran is due to retire on the 19th of December 2024.

He noted that the decision was taken after a meticulous and comprehensive review process facilitated by the reputable firm Messrs. DELOITTE Professional Services.

In his acceptance speech, the incoming Managing Director of Wemabod Limited, Oladunni Bashir appreciated the Board of Directors for their belief in his abilities to lead Wemabod Limited into its next chapter of growth and success.

While accepting the responsibility with a profound sense of duty and dedication, he pledged his committment to upholding the values and principles that have guided the company to its current standing.

“I am also deeply committed to fostering a culture of collaboration, transparency, and integrity within our organization. Our success is not measured solely by financial metrics but by the positive impact we make on our employees, customers, and communities. Therefore, I pledge to lead with empathy, fairness, and a relentless pursuit of excellence in everything we do,” he said.

He added that in recognition of the importance of nurturing strong relationships with stakeholders, including valued customers, partners, and shareholders, open communication and mutual respect, would be prioritised to forge stronger alliances and drive sustainable growth for the benefit of all.

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