Custodian Investment grows revenue by 16% in 2018 despite ‘challenging business environment’

Custodian Investment Plc, a non-bank financial institution, says it was able to grow its revenue by 16% in 2018 from N43.1 billion to N50.2 billion despite a challenging business environment.

The company, which invests in life and non-life insurance, pension fund administration, trusteeship and property holding businesses, recently announced its audited result for the year ended December 31, 2018.

“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% and 13.2% respectively,” it said in a statement.

“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.”

Highlights of the report also show that total assets grew by 21.8% to N98.1billion in 2018 from N80.6billion in 2017 while net assets per share rose from N6.09 to N6.89.

Commenting on the result, Wole Oshin, the managing director, said 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.