Odua declares N175m as dividends
The Odua Investment Company yesterday gave N175 million as dividends to the five owner state governments of Oyo, Osun, Ogun, Ekiti and Ondo as profit recorded in the last financial year.
Addressing reporters at the end of the 34th yearly general meeting of the conglomerate attended by secretary to the state governments of the five owner states, namely, Olalekan Alli( (Oyo); Rotimi Adelola ( Ondo); Taiwo Adeoluwa ( Ogun); Moshood Adeoti ( Osun) and Modupe Alade( Ekiti) who was represented by a Director, Dele Ogunsemoyin, the conglomerate however, lamented that the profit recorded after tax was lower than the previous financial year.
Adeoti who addressed reporters at the end of the meeting held inside the Boardroom of the Cocoa House complex however, said instead of the N150m dividend given to the five owner state governments the previous year, it has increased to N175m in the last financial year.
He said: “even though the company recorded profit after tax lower than that of last year, the dividend being given to owner states surpassed that of the previous year, which was N30m each but this year, N35m for each of the states. We implore the management not to rest on its oars and we hope that by next year, they would improve on it.”
On his part, the Group Managing Director of the conglomerate, Adewale Raji said the company ha recorded a dividend increase of 16 percent from a gross of N167m that was give the previous year.
‘The company has recorded a gross dividend of N33.81k per N1.00 ordinary shares which translates to N194.45m subject to deduction of withholding tax of 10 percent resulting in a net dividend of N175m at N35m per shareholder state. This represents 16 percent increase over dividend paid in 2015.”
Raji attributed the success to their ability to remain focused as well as commitment to their ideals and goals, adding, “despite very turbulent times economically, we were able to maintain the highest level of efficiency and keep our eyes on the ball.”
He said: “this is a very challenging period but I must confess, income was very tough, we managed and ended up with a reduction in income, in actual fact, our profit was lower than the previous year and the essence of this was that we all know the challenges facing the economy at this time”.
On its plans for the new financial year, Raji said, “Frankly, the challenges are there and are rising by the day but what it calls for is resilience, innovation and creativity. What we are looking at is that we do believe that sustenance and performance cannot be achieved only by doing what we have been doing before alone, we have said we need to do those things we have done in the past very well, more exceptionally well.