Odu’a posts N5bn profit

Southwest Bureau Chief, ODU’A Investments Ltd has posted a group Profit After Tax (PAT) of N5.203 billion for the 2020 financial year and declared N364 million dividends for shareholders.

The conglomerate, which is owned by the six Southwest States of Oyo, Osun, Ondo, Ekiti, Ogun and Lagos, announced the result during its Annual General Meeting (AGM) held at its Cocoa House, Ibadan corporate headquarters on Thursday.

The PAT represents an 11.5 percent increase on the previous year’s N4.665 billion while the dividends was a 14 percent increase to last year’s, according to the company’s chairman, Board of Directors, Dr. Segun Aina. He disclosed that the feat was made possible by astute oversight of the Board and the focus of the Management despite the global economic shock inflicted by the COVID-19 pandemic.

The company recorded a N2.63 billion gain from its investment properties revaluation to push the profit to over N5 billion for the financial year.

Aina assured that the company’s continued focus on the “audacious 5-year growth plan (2021-2025) will drive the group to become a world-class conglomerate, ensure sustainable returns to all stakeholders and enhance the legacy for future generations.”

He added that the group business would be further enhanced by new work practices, technology and policy incentives that will enable it achieve its growth strategy christened “Sweat, Revive and Create” (SRC-2025). He explained that the strategy was pinned on the pillars of good governance and reporting, people and culture transformation, investment excellence, growth and expansion, profitability and efficiency to sweat existing assets, revive inactive entities and create new businesses.

The Group Managing Director (GMD) Mr Adewale Raji, disclosed that the company had made a landmark achievement by winning a sizeable percentage of BITA marginal oil field which was part of the recent DPR 2020 Marginal Oil Field Bid Round, for which he revealed it has fully paid its award signature bonus.