Segun Showunmi in Ibadan
Odu’a Investment Company Limited has holds its 38th Annual General Meeting (AGM), declaring the profit of N889.71million before tax
Penpushing reports that the meeting took place at the company’s head office, Cocoa House, Ibadan, while all of the resolutions placed before Shareholders were approved.
The Chairman, Dr. Segun Aina, noted that 2019 Profit Before Tax of N889.71million was 5% higher compared with 2018 Profit Before Tax figure of N849.34million, adding that the prudency of management and its budget monitoring processes coupled with increased efficiency and productivity reduced operating costs and boosted profitability of the company in the year under review
Penpushing further reports that, Aina assured shareholders that with the new vision to be a world class conglomerate and the ambitious financial targets, the board remains positive about the company’s future and will continue to work closely with the management and provide the needed oversight, guidance and strategic direction
The company’s Group Managing Director/CEO, Mr. Adewale Raji stated that despite the global and domestic economic challenges during the financial year that affected the revenue trajectory, the company managed to increase its PBT by 5% compared to 2018.
Penpushing also reports that, he assured shareholders of better performance in ensuring years as the new board and the management team had at a recent strategy retreat mapped out a new course to deliver on 5-Year growth plan which entails consolidating on existing businesses and diversifying into high growth and profitable sectors of the economy to realize strategic objectives of creating value for ‘our shareholders and delivering social impact to the South West States’.
The Group Managing Director spoke on some of the company’s new foray into the oil and gas upstream sector and agriculture with processing component,adding that this include the mechanized farm at Imeko, Ogun State where 1,200 hectares of cassava is currently under cultivation with a technical partner that will feed into two 50ton/day modular processing plants for the conversion of cassava tubers into High Quality Cassava Flour (HQCF) and High Quality Cassava Starch (HQCS).
“There are also renewed organic growth efforts at our Wemabod Limited (Real Estate) and Glanvill Enthoven Insurance Brokers and Pensions Consultants Ltd (Insurance Brokerage).
Penpushing reports that, Raji emphasized on the Group’s commitment to agricultural transformation to address food security, export earnings, job creation, accelerating industrialization and lifting rural economy.
“The Group had recently incorporated South West Agriculture Company Limited (SWAgCo) to mid-wife the agriculture transformation of the South West strictly on sound private sector principles and strategic partnerships’.
“This agric investment company has already identified focused food crops, cash crops, livestock and agriculture processing that will guide its investment decisions. SWAgCo will spin-off SPVs that will bring about profitable economic growth and social impact of job creation and lifting the rural economy of their locations’.
Penpushing also reports that,he however said that in the outlook for the future, the group will focus its strategy in critical essential sectors of the economy like food and manufacturing, healthcare and pharmaceutical