Odu’a Investment company Limited has said it will pay N428m dividend to its shareholders in 2022 financial period.

The Group Chairman, Otunba Bimbo Ashiru, disclosed this during its 41st annual general meeting in Lagos.

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.

“This is higher than the dividend of N418m paid in 2021, an indicative of our commitment to delivering sustainable returns.”

He also said its total assets grew by 3.6 per cent from N110.56bn in 2021, to N114.51bn in 2022.

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.

In the year under review, he said, Wemabod Limited, its full fledged real estate business, made significant progress in line with its strategic thrusts.

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.

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.

“This was driven mainly by a reduction in revaluation gains on investment properties from N7.11bn in 2021 to N2.98bn in 2022.

“These gains do not occur on all our properties all at once and will typically vary from one year to another.”

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.

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