• Tuesday, July 23, 2024
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Wemabod records N1.32 bn profit appoint new MD, Bashir Oladunni

Wemabod records N1.32 bn profit appoint new MD, Bashir Oladunni

Wemabod Limited, a subsidiary of Odua Investment Company Limited recorded a profit before tax of N1.323 billion for the 2023 financial year.

Emmanuel Efuntayo, Chairman who disclosed this at the company’s 50th annual general meeting in Lagos said despite the harsh economic environment, the firm was able to achieve remarkable results in comparison to N423 million profit before tax budgeted for 2023.

“In light of our performance, we are pleased to propose a dividend payment of N42.4 million to our shareholders, translating to N1.63 dividend per share,” Efuntayo said.

Read also: Wemabod gets new MD as Ejidiran retires

He said that the company has taken proactive measures to adapt and thrive despite current macroeconomic shocks and political uncertainties.

“One significant challenge has been the establishment of a sustainable financial model to support business expansion. In response, Wemabod Limited underwent a credit rating assessment by Agusto & Co., earning an A- rating, hence investors’ acceptance of our Series 1 Bond raising activities,” Efuntayo said.

“I am reminded of the well-thought-out intentions carved in our strategy document for the period 2020-2025. These intents serve as our guide and shape our decisions and actions as we strive for excellence in the real estate industry.

Efuntayo announced the appointment of Bashir Oladunni, as the new managing director for the company in the person succeeding Yemi Ejidiran, retiring on the 19th of December 2024.

“So, I am also deeply committed to fostering a culture of collaboration, transparency, and integrity within our organization. Our success is not measured solely by financial metrics but by the positive impact we make on our employees, customers, and communities. Therefore, I pledge to lead with empathy, fairness, and a relentless pursuit of excellence in everything we do,” Oladunni said.