Shareholders have commended Custodian Investment Plc for sustaining good performance and payment of dividends on a yearly basis.
They stated this at the 28th annual general meeting(AGM) of the company in Lagos at the weekend.
President of Noble Shareholders Association of Nigeria, Matthew Akinlade said, Custodian Investment is an investor’s delight, urging the board and management to keep up the good performance.
He commended the board and management for turning around the fortunes of UPDC Plc, a subsidiary of the company acquired with 51 percent equity stake in 2020.
The company’s revenue grew from N825 million in 2021 to N5.9 billion in 2022 while its profit before and after tax ended the year at N329million and N199 million respectively.
Also, a shareholder, Mr. Adebayo Adeleke, stated that, “this is an investment to hold. Any investor that does not have Custodian Investment’s equity in his investment basket is a kindergarten investor.”
Adeleke echoed the view expressed by another shareholder that the board should consider having representation of minority shareholders on its board or its subsidiaries.
Speaking to shareholders at the meeting, chairman of the company, Dr. Omobola Johnson, noted that, “notwithstanding the economic headwind faced during the year, our company was able to report decent financial performance across the group.
“We reported total revenue of N103.08 billion, representing 20 percent year on year growth. Profit before tax for the year was N13.7 billion, an increase of 12 percent when compared with N12.32 billion achieved in 2021. Profit after tax grew by 11 percent to N11.17 billion.”
The chairman also remarked that, on the statement of financial position, the group achieved growth of 16 percent in total assets worth N213.20 billion while equity attributable to owners of the parent company also appreciated by 15 percent to close the year at N63.18 billion.
Johnson said, in line with the company’s commitment to deliver strong and sustainable returns to shareholders, the board approved a total dividend of 65 kobo per share and an interim dividend of 10 kobo per share, making a total dividend of 55 kobo, in respect of the result of the 2022 financial year, subject to appropriate withholding tax.
The GMD of the Group, Mr. Wole Oshin, gave highlights of the performances recorded by subsidiaries in pensions, insurance, real estate and trusteeship, expressing optimism about the future and assured shareholders that the group would continue to stand tall.
He said the group has embarked on a fully integrated digitisation project in a bid to make operations seamless and customer experience satisfying.
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