Custodian Investment grows full year 2021 revenue by 14% as profit dips

The result also showed that the Custodian Group’s shareholders’ fund grew by 14 percent from N47.6billion to N54.3 billion after paying dividends totalling N3.24 billion or 55kobo per share during the year.

Custodian Investment Plc, a diversified non-bank financial institution, has reported that its gross revenue increased by 14 percent to N85.5 billion in full year ended December 31, 2021 despite operating in a challenging environment.

This is compared to N75.06billion in 2020. The Group’s profit before tax (PBT) decreased to N12.003billion from a high of N13.686billion in 2020, down by 12.3percent. The Group’s profit for the period stood lower at N 9.357billion from N12.687billion in 2020, down by 26.24 percent.

The company, which disclosed this in its unaudited result for the year ended 2021, added that after adjusting for non-recurring one-time gain from prior year’s result, profits from continuing ordinary operations recorded 18 percent growth.

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Speaking on the result, the company’s Group Managing Director, Wole Oshin, said the result can be attributed to the resilience of the Group, the diversity of its product offerings, commitment of its staff and the unwavering support of its Board of Directors.

Oshin expressed optimism for a brighter future for the Custodian Group, which has investments in life and non-life insurance, pension fund administration, trusteeship and real estate businesses.

He expects the incremental contribution that will flow in from the Group’s real estate business segment, which is being restructured, to boost the fortunes of the company. While recognising their contribution, Oshin appreciated the steadfastness of its clients, agents, brokers and all other stakeholders in the insurance, pension, and investment value-chain to the Custodian Group.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.