Odu’a declares N698m profit, cultivates tomatoes

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tomatoes

Odu & a; 39; a Investment Company Ltd announced N698 million as profit before tax for the fiscal year ended December 31, 2017.

The company, owned by Oyo, Ogun, Osun, Ondo and Ekiti, also approved the payment of N277.78 million in dividends.

The company's group chairman, Mr. Olusola Akinvumi, speaking at the company's annual general meeting on Wednesday at the Cocoa House, Ibadan, said, despite various problems in the country, the company experienced business growth and increased dividends to shareholders over the past four years.

The company paid N920 million in dividends to shareholders in the period from 2014 to 2017.

Group Odu & # 39; a registered revenue in the amount of N4.068 billion in 2017, amounting to a 3.8% increase compared with 2016 of $ 3.918 billion. USA.
Akinvunmi said: “The Group’s distorted real estate assets had a negative impact on business. A significant number of customers and tenants in leased commercial, retail and residential buildings are rented out of default. The total cost increases. ”

The chairman said that in accordance with the priority sectors of the Economic Recovery and Growth Plan of the Federal Government (ERGP), the company is undertaking sustainable development projects in the areas of agriculture, services and infrastructure.

He said that the company is engaged in the commercial cultivation of tomatoes on a part of its arable land of 3,500 hectares in Imeco, Ogun. The final, he said, was to create a plant for processing tomato paste and concentrate to increase the added value and social and economic development of the community and to achieve technical knowledge for competent Nigerians. ”

Akinwunmi also reported that the company recently launched a full buyout of a minority holding, which resulted in 100 percent ownership of one of the dying operations in the group, Cocoa Industries Limited, Ikeja (formerly Vitalo Cocoa) for more efficient use of its facilities in joint ventures .

Managing Director and Chief Executive Officer, Mr. Advail Rajee, in his report focused on the company's growth strategy, which was predicted on the basis of unlocking the value of its asset base for sustainable development projects and improving business processes.

He said: “Over the past few years, the board and management have burst into the rich history of the Group, listened to shareholders and stakeholders, and widely consulted to come to the realization that achieving sustainable growth requires diversifying sources of income from real wealth assets are fundamental to securing its future. ”

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