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Tuesday, December 6, 2022

Araromi-Ayesan Oil Palm holds AGM

It was celebration galore for the shareholders, management and Directors of Araromi-Ayesan Oil Palm Plc. as the company presented its reports and accounts for the 2021 business year at its Annual General Meeting held in Akure.

The company declared a dividend of 7.5 Kobo per ordinary share of 50 Kobo each for the financial year ended 31 December, 2021.

The dividend was approved by the shareholders as recommended by the Board of Directors.

The company in its 2021 financial results for the period ended 31 December, 2021 reported a profit after tax of N276.1 million, which was 190% growth year on year reported a total comprehensive income of N742 million in the year; which was 61.72% higher than that of year 2020. The Earnings Per Share (EPS) was 25 Kobo as against 9 Kobo reported in year 2020.

According to the report, a sum of N82.38 million dividend has been disbursed electronically as from Thursday, August 25, 2022 to shareholders whose names appear on the Register of Members as at the close of business on Friday, December 31, 2021 and who have completed the e-dividend registration form and mandated the company to pay their dividends directly into their bank accounts subject to the charging of appropriate withholding tax.

Chairman of the company, Prince Adetola Adedeji commended the Ondo State Government for creating enabling environment for the company to thrive as he promised that the company would expand its horizon any moment from now with the approval of 3000 hectares of land by the Ondo State Government

Adedeji thanked God, the people of Araromi Obu, particularly Oba Aderemi Adelola for the exceptional performance of the company despite the challenges of inflation, insecurity and other unpleasant economic/business factors encountered in the financial year.

“The company’s expansion plan continued as the Ondo State Government has finalized and executed a Lease Agreement with our company on the 3,000 hectares of lease land now allocated to the company…. Notwithstanding the challenges of inflation, insecurity and other unpleasant economic/business factors encountered in 2021, I am sure that the exceptional outcome of the company speaks volume”

Defending the external audit committee reports on the two financial years, the Chairman Audit Committee, Sir Rufus Falona said the external audit reports were in accordance with legal requirements and agreed ethical practices

Some of the shareholders, who commented on the reports, expressed satisfaction with the management board of the company, describing the financial reports as transparent and credible.

Commenting on the annual reports, the Ondo state representative in the Board of the company, Dr Adeola Richard Alonge said Araromi-Ayesan Oil Palm Plc. had experienced positive growth.

The mission of Araromi-Ayesan Oil Palm (AAOP) Plc is to become one of the leading agro-business companies in Nigeria, by effectively and efficiently managing Plantations through an extremely motivated personnel, functioning in agreement with other stakeholders and ultimately declaring favourable returns to the shareholders.

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