Custodian Investment gross revenue hits N50.2 billion

Custodian Investment Plc, formerly Custodian and Allied Plc, a leading non-bank financial institution quoted on the Nigerian Stock Exchange (NSE) with investments in life and non-life insurance, pension fund administration, trusteeship and property holding businesses, has announced its audited result for the year ended 31st December 2018.

A review of the results shows strong financial performance across all business lines, reaffirming the resilience of the Company’s business model. Gross revenue for the year grew by 16.6 percent to N50.2 billion from N43.1billion reported in 2017.

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Despite the challenging business environment in 2018, Profit before tax rose to N9.5billion from N8.9billion posted in 2017. Total asset base and shareholders’ funds remained strong at N98.1billion and N40.5billion with year-on-year growths of 21.8 percent and 13.2 percent respectively.

In line with the company’s tradition of reciprocating its shareholders’ loyalty, the Board of Directors has recommended, subject to shareholders’ approval at the upcoming Annual General Meeting, the payment of a final dividend of 35 kobo, in addition to the 10 kobo interim dividend that was previously paid to its shareholders, thereby making it a total dividend of 45 kobo per ordinary share of 50 kobo to be paid out of the results achieved in 2018.

Wole Oshin, managing director, expressed satisfaction with the result considering the operational headwinds of the year 2018 and he is optimistic that the company will continue to thrive in all sectors in which it operates as it will be guided by its vision to always exceed stakeholders’ expectations in the delivery of services to its esteemed clients, observance of high corporate governance standards and the recruitment and retention of highly skilled personnel while leveraging on innovation and bespoke technology for excellence.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.