National Wire About Nigerians, Nigerian Business and Other Stories
Shareholders of Custodian and Allied Plc on Tuesday April 24, 2018 approved the payment of 32 kobo per share as final dividend for the financial year ended December 31, 2017. This bringing the total dividend paid for 2017, thus making it a total 42 kobo when added with 10 kobo interim dividend that was paid in September, 2017.
Just as the shareholder also endorsed the proposal by the board of directors of the company to change the company name from Custodian and Allied Plc to Custodian Investment Plc, or any other name as may be approved by Corporate Affairs Commission (CAC) without making any further reference to members for their approval.
Addressing shareholders who were full of appreciation for the company 2017 financial performance, Wole Oshin Group Managing Director explained that the reason for the name change is because the company is not just an insurance company, but an investment company due to the nature of business they carry out. Stressing that even on the floor of the Nigerian Stock Exchange (NSE) they are not listed under insurance companies, which points to the fact that they need to operates as a truly investment company.
Commenting on their performance, chairman of the company Mrs Omobola Johnson explained that the company various revenue streams including premium income, investment income, fees and commission recorded significant growth, while costs were effectively managed, which resulted in a 37 percent increase in profit after tax of N7.3 billion as against N5.3 billion recorded in 2016.
She pointed out that after adjusting for dividends paid during the year, the owners’equity in the group increased by 21 percent to N35.4 billion from N29.3 billion while total assets base increased to N80.9 billion. On the company future outlook she added that in spite of the uncertainty that usually accompanies election cycle in Nigeria, “it is my utmost belief that our management is well positioned to weather the storm and continue to take our company to greater heights”.
Photo Caption: Mrs Omobola Johnson Chairman Custodian And Allied Plc
