Despite challenging economic conditions that characterised the 2021 financial year, Custodian Investment Plc successfully grew its revenue by 14 percent for the year ended December 31.
Addressing shareholders at the 27th yearly general meeting of the company in Lagos, Omobola Johnson, chairman of Custodian Investment Plc noted that the company’s gross revenue grew from N75.06billion in 2020 to N85.74billion in 2021, adding that profit after tax (PAT), however, recorded 21 percent reduction to close the year at 10.05 billion from N12.69 billion in 2020 because of one-off non-operating gains realised in 2020.
Johnson said the total asset base of the company hit N184.47 billion during the review year, noting that the total asset grew by five percent.
The chairman also remarked that equity attributable to owners of the parent company grew by 16 percent to close the year at N55.12 billion from N47.65 billion in 2020. He assured shareholders that the company will continue to adopt strategies that will ensure steady returns to them
Analyzing the financial performance of the company during the review period, shareholders of the company lauded the board and management for a successful year despite the turbulent economic conditions under which the company operated in 2021.
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The president of Nigeria Shareholders Solidarity Association (NSSA), Matthew Akinlade expressed the hope that the company would continue to grow bigger and bigger in the future. Another shareholder, Adebayo Adeleke, who also commended the company’s financial performance, remarked that since 2008, Custodian Investment Plc has never failed to pay interim dividend. He noted that since 2008, the company has paid a gross dividend of N20.742 billion to shareholders.
Adeleke also commended the company for its consistent growth and asked the board to consider the idea to democratise the directorship of the company and ensure some kind of diversity in a bid to accommodate minority shareholders in the boards of subsidiary companies.
Anthony Omojola, the incumbent National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), also commended the sterling performance of the company and hoped it would be sustained.
Other highlights of the AGM are the shareholders’ approval of the final dividend of 50 kobo recommended by the board for approval and the authorisation of the board to raise additional capital through the issuance of debt instruments, preference shares or ordinary shares or a combination of any of these options whether by way of private placement, rights issue, offer for subscription or any staff share scheme.
The shareholders also authorized the board to take steps to comply with Section 124 of the Companies and Allied Matters Act (CAMA) 2020 and Regulation 13 of the Companies Regulations 2021 relating to unissued shares of the company.
Custodian Investment was incorporated on August 22, 1991 as a private limited liability company under the name, Accident and General Insurance Company Limited. The company got the 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 company’s name was changed to Custodian Investment Plc by the Corporate Affairs Commission on May 24, 2018.
