The Odua investment company limited own by south western states has declared the sum of N849m as profit for the financial year ended in December 2018, following the release of the company’s results on Wednesday.
The group chairman, Engr. Olusola Akinwunmi who declared this at the 37th annual general meeting noted that the shareholders of the company had approved the payment of N292million as dividend.
According to him, the total sum of N1.208billion has 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 while announcing that 22 percent increase in profit before tax from N698million in 2007 to N849million in 2018 reiterated that this was as a result of the concerted effort by both board and management to reposition the organization.
He assured shareholders, including Lagos state that attended the company’s AGM for the first time of the company’s commitment to strict adherence to highest standards of corporate governance and ethical leadership.
The Managing Director of the organization, Mr. Adewale Raji on his part said that improvement in its financial results were driven by disciplinary operational performance and focused efforts to transform its business models to one in which all constituent units are operating and contributing as a proper going concern that is responsible and discharging to the expectation of shareholders and stakeholders alike.
He noted that further in his report on measures that have been taken to improve the company’s business process, adding that an enterprise risk management framework has been adopted to insulate the group’s businesses against environmental and technological threat.
Raji further said the company will continue to forge ahead in assimilating more private sector principles in organizational structure, benchmarks and performance measurements and develop more business models that leverage on the socio-economic competitiveness and comparative advantages of all southwestern states.