By Adams Akorede
The Odu’a Investment Company Limited has declared the sum of N698 million as profit for the financial year ended in December, 2017, following the release of the company’s results on Wednesday.
The Company’s Chairman, Engr. Olusola Akinwunmi who declared this at the 36th Annual General Meeting for the said year noted that the shareholders of the company had approved payment of N277.78 million as dividend.
According to him, the group revenue of N4.068billion in 2017 was amounted to a 3.8 percent increase over that of 2016 which recorded N3.918billion.
Akinwunmi assured stakeholders and directors of the company of the management’s commitment to strict adherence to highest standard of corporate governance and ethical leadership.
Speaking on the effort of the company to revive its agricultural investments, Akinwunmi said Odu’a has embarked on full buying back of minority holding, leading to 100 percent ownership of one of the moribund manufacturing outfit in the group, Cocoa Industry Limited, Ikeja for better utilisation of its facilities in joint ventures.
He also noted that the company is undertaking commercial cultivation of tomatoes on a portion of its 3,500 hectares arable farmland in Imeko, Ogun state.
In his own contribution, the Group Managing Director of the company, Mr. Adewale Raji said for the approval of N277.78, dividend for the 2017 financial year, it was unprecedented in the history of the company which he said was commendable.
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