•Assures shareholders of sustained performance
By Chinwendu Obienyi
In a bid to make operations seamless and customer experience satisfying, Custodian Investment Plc has announced that it is embarking on a fully integrated digitisation project.
This was even as the company assured its shareholders that it will continue to improve on its subsequent financial results.
Addressing shareholders at its recent annual general meeting (AGM), the Group Managing Director, Custodian Investment Plc, Wole Oshin, whilst giving highlights of the performances recorded by subsidiaries in pensions, insurance, real estate and trusteeship, expressed 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 digitization project in a bid to make operations seamless and customer experience satisfying while adding that there has been significant progress on the project which is expected to come alive this year.
Commending the company’s financial performance for 2022 as well as the payment of dividends on a yearly basis, shareholders urged the board to keep up the good performance.
President of Noble Shareholders Association of Nigeria, Matthew Akinlade, said Custodian Investment is an investor’s delight and 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.
Also commenting, Adebayo Adeleke, another shareholder, said,“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 also added that the board should consider having representation of minority shareholders on the board of the company or its subsidiaries.
For her part, the Chairman, Board of Directors, Custodian Investment Plc, Dr Omobola Johnson, noted that notwithstanding the economic headwind faced during the year, the 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.