Odu’a records 8.5% dip in revenue, approves N428 million dividends

<p>ODU’A Investment Company Limited (OICL) has reported an operating revenue decrease of 8.5 per cent from N4.01 billion in 2021 to N3.67 billion in 2022.</p>, <p>The company posted a profit before tax of N4.08 billion in 2022, 56.5 per cent lower than the N9.37 billion in 2021. The record was driven largely by lower revaluation gains.</p>, <p>OICL revealed this, yesterday during its 41st yearly general meeting to present its report and financial statements for the financial year ended December 31, 2022 in Lagos.</p>, <p>Group Chairman, OICL, Otunba Bimbo Ashiru, said the Russia-Ukraine war and the typical slowdown that has come to be associated with pre-election years significantly weighed on economic activities and investments.</p>, <p>“Despite these challenges however, OICL showed significant resilience, and leveraged available opportunities within the economy to continue to create value for our shareholders. I am particular proud of the commitment of our Board members, management and staff who have made it possible to achieve such a strong financial performance in a tough operating environment.</p>, <p>“I am happy to report that the Board has recommended a dividend of N428 million for your approval. This is higher than the dividend of N418 million paid in 2021, and indicative of our commitment to delivering sustainable returns.</p>, <p>“In the year 2022, we worked tirelessly to improve the quality and depth of engagement with the board and management of subsidiaries across the group. Our emphasis was on setting the foundations for improved shared service arrangements and deriving intra-group synergies. We plan to leverage our shared service programmes to drive groupwide culture and standardised business practices. We expect that these efforts will result in increased efficiency and effectiveness of our operations.</p>, <p>“In June 2022, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) handed over the license for the BITA Marginal Field covered by PPL 249 to Bita Exploration & Production Company (B