Odu’a Investment records N5.2bn net profit | Dailytrust

Odu’a Investment records N5.2bn net profit

Chairman of Odu’a Investment Company Limited, Dr Segun Aina, has declared N5.203 billion Profit After Tax (PAT) and a N364 million dividend for shareholders of the company.

He said efforts are in top gear to invest in the oil and gas upstream sector of the Nigerian economy.

Aina, who stated this at the 39th Annual General Meeting held at the company’s headquarters at Cocoa House, Ibadan, said the meeting approved the consolidated financial statement of the group for the 2020 financial year and the payment of cash dividend of N364m which is a 14 per cent increase over the previous year.

He also said the 11% increase in the PAT from N4.665bn in 2019 to N5.203bn in 2020 reiterated that it was as a result of overnight of the board and the focus of management despite the global economic shock of a pandemic year.

The Group Managing Director/CEO, Mr Adewale Raji, said the revenue was a quantum leap up by 112% from N1.809bn in 2019 to N3.842bn in 2020.