Custodian Investment Posts N50.3bn Gross Revenue
By Ngozi Onyeakusi —Custodian Investment Plc has recorded a gross revenue income of N50.3bn for the financial year ended 31st December, 2018 showing a 16.8 per cent growth over 2017 figure.
Its total assets and shareholders’ funds remained strong at N98.1bn and N41.5bn respectively with year-on-year growths of 21.5 per cent and 13.9 per cent.
Shareholders at firms 24th annual general meeting in Lagos approved 45 kobo dividend for the financial period.
Addressing shareholders at the meeting, the Chairman of the company, Dr Omobola Johnson, said “The board recognises the importance of dividends to shareholders and therefore sustained the company’s practice of regular dividend payment by rewarding shareholders with an interim dividend of 10 kobo per share in September 2018, and your board will pr.opose, subject to your approval, the payment of additional 35 kobo per share as final dividend.
“Thus, making a total dividend of 45 kobo per share for the 2018 financial year.”
The company, which was formerly known as Custodian and Allied Plc, is a non-bank financial institution quoted on the Nigerian Stock Exchange with investments in life and non-life insurance, pension fund administration, trusteeship and property holding businesses.
Despite the moderate macro-economic growth on the domestic front, she said the company was able to post strong financial performances across all its business lines and from the subsidiaries.
Johnson revealed that the company’s gross revenue rose by 16.8 per cent in the year under review to N50.3bn, while its total assets and shareholders’ funds remained strong at N98.1bn and N41.5bn respectively with year-on-year growths of 21.5 per cent and 13.9 per cent.
She said significant higher reinsurance and claims expenses, typical of the cyclical nature of the underwriting business kept profit after tax at N7.1bn.
“Our overall strong performance underscores the resilience of our business model and tenacity of our management team and staff,” she said.
The chairman also said that through Custodian Social Responsibility Foundation, corporate social responsibility initiatives with high impact and tangible benefits had continued to remain a key aspect of the organisation.