Shareholders applaud custodian’s investment for improved performance

0
Custodian investment

Custodian Investment Plc Chairman Dr Omobola Johnson said that despite the economic conditions that characterized the 2021 financial year, the company managed to increase its revenue by 14% for the financial year ended December 31, 2021.

The Chairman said this while addressing shareholders at the company’s 27th Annual General Meeting in Lagos over the weekend.

She said gross revenue increased from N75.06 billion in 2020 to N85.74 billion in 2021.

According to her, the company’s total asset base grew to N184.47 billion during the year under review, indicating a 5% increase from the previous year.

The Chair also noted that equity attributable to owners of the parent company increased by 16% to end the year at N55.12 billion from N47.65 billion in 2020. She assured shareholders that the company will continue to adopt strategies that will ensure stable returns. on investment for them

Analyzing the company’s financial performance during the year under review, the company’s shareholders congratulated the board and management for a successful year despite the turbulent economic conditions in which the company operated in 2021.

The President of the Nigeria Shareholders Solidarity Association (NSSA), Mr. Matthew Akinlade expressed hope that the company will continue to grow more and more in the future.

Mr. Adebayo Adeleke, who also praised the company’s financial performance, noted that since 2008, Custodian Investment Plc has never failed to pay an interim dividend.

He noted that since 2008, the company has paid a gross dividend of N20.742 billion to shareholders.

Adeleke also praised the company for its steady growth and asked the board to consider the idea of ​​democratizing the company’s management and ensuring the diversity of elected directors with the aim of accommodating minority shareholders in the boards of directors of the subsidiaries.

Dr. Anthony Omojola, the incumbent National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), also praised the remarkable performance of the company and hoped it would be sustained.

Other highlights of the AGM are the approval by shareholders of the final dividend of 50 kobo recommended by the board of directors for approval. The company previously paid an interim dividend of 10 Kobo per share. They also authorized the board to raise additional capital through the issuance of debt securities, preferred stock, or common stock, or a combination of any of these options, whether by private placement private equity, rights issue, stock offering or any employee stock ownership plan.

The shareholders also authorized the board to take action to comply with section 124 of the Companies and Related Matters Act 2020 (CAMA) and Regulation 13 of the Companies Regulations 2021 relating to shares unissued from the company.

Custodian Investment was incorporated on August 22, 1991 as a private limited company as Accident and General Insurance Company Limited. The company obtained approval to change its name to Custodian and Allied Insurance Limited on February 5, 1993 while it became a public company on September 29, 2006.

Following a special resolution, the name of the company was changed to Custodian Investment Plc by the Corporate Affairs Commission on May 24, 2018.

Share.

Comments are closed.