Odu’a Investment pays N428m dividend

<p>Odu’a Investment company Limited has said it will pay N428m dividend to its shareholders in 2022 financial period.</p>, <p>The Group Chairman, Otunba Bimbo Ashiru, disclosed this during its 41st annual general meeting in Lagos.</p>, <p>He said, “Despite the social-economic challenges we faced as a business, I am happy to report that the board has recommended a dividend of N428m for your approval.</p>, <p>“This is higher than the dividend of N418m paid in 2021, an indicative of our commitment to delivering sustainable returns.”</p>, <p>He also said its total assets grew by 3.6 per cent from N110.56bn in 2021, to N114.51bn in 2022.</p>, <p>Speaking on the company’s performance, the Group Managing Director/ Chief Executive Officer, Adewale Raji, said its strategy for revitalising its hospitality business through strategic partnership for redevelopment into world class hospitality and leisure destination was gathering steam.</p>, <p>In the year under review, he said, Wemabod Limited, its full fledged real estate business, made significant progress in line with its strategic thrusts.</p>, <p>On the financial performance, the group managing director said the dividend payment for 2022 would bring the total dividend paid to shareholders over the last nine years to N2.56bn.</p>, <p>According to the financial details he presented, “Odu’a Investment Company recorded a revenue of N3.68bn in 2022, which was an 8.5 per cent decrease from the 2021 amount of N4.01bn. Profit before tax was N4.08bn compared to the 2021 figure of N9.37bn.</p>, <p>“This was driven mainly by a reduction in revaluation gains on investment properties from N7.11bn in 2021 to N2.98bn in 2022.</p>, <p>“These gains do not occur on all our properties all at once and will typically vary from one year to another.”</p>, <p>If these accounting gains were removed, he said, the normalised profit before tax for 2022 would be N1.1bn compared to N2.26bn for 2021.</p>