It was celebration galore for shareholders, Directors and Management of Araromi-Ayesan Oil Palm Plc. as the company presented its reports and accounts for the 2022 business year at its Annual General Meeting held in Akure.
The company declared bonus shares of 91 shares for every 100 ordinary shares held by the existing shareholders instead of dividends as its practice in the past.
The bonus shared was approved by the shareholders as recommended by the Board of Directors.
The company in its 2022 financial results for the period ended December 31, 2022 reported a profit after tax of N296 million, which was about seven percent higher than the previous year with a total comprehensive income of N1 billion in the year, which was 35 percent higher than that of year 2022.
Chairman of the company, Dr. Adeola Alonge 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 3,000 hectares of land by the State Government.
He said though year 2022 was a challenging one, the company’s performance is highly commendable.
Alonge said increase in the Palm Plantation to enhance production will be the management focus for the year 2023 and beyond.
“The Board of Directors and Management team remain focus to deliver on our goal and strategy to create a long-term value for our company. Therefore, our priority for the year 2023 and beyond is very clear. We focus on further increasing our Palm Plantation to enhance our production.
“Our strategy to upscale production is to engage in massive lease of Palm Plantation from private plantations owners, while frantic efforts are being geared to accessing and developing the 3,000 hectares of land already allocated to our company by the Ondo State Government from the 10,000 hectares originally applied for”
He expressed appreciation to the shareholders, core investors, customers and the host communities for their continue support, mutual trust, utmost confidence and provision of enabling environment to thrive.
The Board Chairman who lauded the past chairmen, Prince Adetola Adedeji and Olufemi Okunniyi for their dedication and commitment, commended the management and staff of the company for their loyalty and hardwork
Defending the external audit committee reports on the two financial years, Chairman of the 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.
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.