National Wire About Nigerians, Nigerian Business and Other Stories
The Group Managing Director, Custodian Investment Plc, Mr. Wole Oshin has assured investors of improved returns on their holdings in the company.
He said while leveraging on building long-term trust and sustainability, the company will embrace technological advancement and innovative solutions to drive sustainable growth.
Mr. Oshin made this remarks on Friday at the company’s 30th Annual General Meeting, while responding to shareholders questions, despite payment of contravention occasioned by administrative sanctions by PENCON, NAICON, late submission of post placement report in 2019 and late filing of UPDC financial statements to NGX
Mr. Oshin while reiterating the tenacity and innovative prowess of the management at ensuring that shareholders interest are uppermost in the company’s drive towards stability and further growth, noted that, it will continue in it’s ability to balance different aspects of its operations to maintain consistency and improve its dividend payout which has been part of the company’s strong track record of financial management.
According to him, the regulatory policy framework on penalties are structured in a way that makes them difficult to avoid, and this can be problematic to operators in that space.
He stressed that, the company will continue to strike a balance between growth, stability, and responsible practices in the face of challenges navigating various regulations.
The shareholders while giving accolades on the positive performance of the company in the year under consideration, had raised concerns for improved dividend payout, increase in management expenses, need for minority representation on the board, the penalties on contraventions in sum of N19.2 million amongst others.
Earlier in her comments, the Chairman, Dr. (Mrs.) Omobola Johnson while reviewing the company’s performance in the year, explained that the group performed very well in the financial year despite significant inflationary and other macro-economic pressures.
According to her, “the company reported a revenue of N152.01 billion representing 54 percent year-on-year growth. Profit before tax for the year was N60.7 billion, an increase of 133 percent when compared with N25 billion achieved in 2023. Profit after tax grew by 172 percent to N53.5 billion.
“We achieved growth of 51 percent in total assets to N407.3 billion. Equity attributable to owners of the parent also appreciated by 73 percent to close the year at N123.6 billion.
Assuring shareholders of the growth trajectory in company, the Chairman said, the strong performance of the company underscore the resilience of, “our business model and tenacity of our management team and staff. Be rest assured that the board will continue to work with management to deploy the group’s assets professionally, prudently and profitably within the dictates of the evolving local and global economy”.
Speaking on the outlook for 2025, the Chairman said looking ahead, several strategic imperatives will be crucial for navigating the economic landscape, noting that, the group will be reinventing business models to adopt to a new customer-centricity, and value creation by leveraging customers insights and exploring untaped opportunities to reigniting market play and revitalizing market strategies while aligning spending with core capabilities and eliminating non-value-adding expenses to enhance competiviness.
“We continue to foster a culture of innovation by harnessing emerging technologies and AI-driven solutions to drive efficiency while exploring innovative financing options, optimizing capital allocation and strengthening stakeholders relationships by engaging with regulators, customers and strategic partners to foster trust and collaborative value creation for sustainable growth”, she added.
