Odua Group Declares N1.961 billion as Profit Before Tax

Odua Group Declares N1.961 billion as Profit Before Tax, Recommits to Continued Growth

Odua Investment Company Limited (OICL) has announced a Profit Before Tax of N1.961 billion for the financial year 2023. The company also declared a dividend of N428 million payable to its shareholders.

During the Annual General Meeting held on Thursday in Lagos, all resolutions presented for shareholders’ approval were adopted. The meeting also approved the company’s financial statements for the year 2023 and the payment of the cash dividend to shareholders.

Otunba Bimbo Ashiru, the Group Chairman highlighted the company’s 7% growth in operating revenue from N3.68 billion in 2022 to N3.95 billion in 2023.

“Despite the economic challenges faced in 2023, the company achieved a commendable performance with a Profit Before Tax of N1.96 billion.”

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Ashiru expressed satisfaction with the improved collaboration and synergy within the group, which has led to the successful implementation of the company’s 5-Year Strategic Plan.

This plan aims to revive businesses and assets, delivering continuous growth and value to shareholders and stakeholders.

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“The year 2023 saw significant milestones for Odu’a Investment, including the commissioning of Phase 1 of the Westlink Iconic Villa in Ibadan and the launch of the Odua Investment Foundation’s flagship Educational Intervention Project. The company also received an ‘A’ credit rating from Agusto & Co, recognizing its deft management and diversified income streams,” Ashiru noted.

Mr. Adewale Raji, the Group Managing Director/CEO, who will be retiring on 31st May, 2024, also expressed gratitude to the shareholders for their support during his tenure. He highlighted the company’s “repositioning efforts over the past ten years, focusing on key sectors such as real estate, hospitality, financial services, agriculture, energy/power, ICT/digital, healthcare/pharmaceuticals, and logistics/e-commerce.”

Raji emphasized the success achieved in financial performance, corporate governance, risk management, and asset optimization across these sectors.

Raji also expressed optimism about the market-driven approach of President Bola Ahmed Tinubu’s administration, which is expected to attract long-term investments into the country. He believes this will contribute to sustainable economic and human capital development.

In conclusion, Raji expressed confidence in the leadership of Mr. Abdulrahman Yinusa, the incoming Group Managing Director/CEO, to continue the ongoing redevelopment projects, secure joint venture partnerships, achieve ‘First Oil’ in the field development plan, and contribute to the turnaround of the power/electricity sector.