Custodian Investment proposes N6.5 billion final dividend as annual profit surges 172%

Custodian Investment Plc will hand shareholders N6.5 billion in final dividend payments for last year, which translates to N1.10 per share, the investment group announced on Wednesday.

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The company, whose operations encompass insurance, pensions, trusteeship and real estate, earlier rewarded shareholders with an interim dividend of N0.15 per share, putting it on track for a total payout of N7.4 billion for the financial year 2024.

That compares to the N4.7 billion (N0.80 per share) it paid shareholders for the preceding year.

The cash payment is “subject to appropriate withholding tax and approval” and “will be paid to Shareholders whose names appear in the Register of Members as at the close of business on April 14, 2025,” the conglomerate disclosed in a regulatory filing at the Nigerian Exchange.

The board of directors expects to seek shareholders’ approval for the plan at its annual general meeting next month.

The proposed dividend payment, the highest ever to be announced by the company since it commenced business in 1995, comes as its annual net profit jumped 172.1 per cent to a record N53.5 billion last year, driven by a marked growth in insurance service revenue.

Interest income rose by 54.7 per cent, with interest income on investments measured at amortised cost being the key driver of growth, while operating & investment income increased by 68.4 per cent.

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Last September, Custodian Investment, alongside Aion Investment and Evercorp Industries, fully acquired FBNQuest Merchant Bank Limited, formerly a subsidiary of FBN Holdings (now First HoldCo, allowing the company to diversify its investment within the financial services industry.

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Currently, the group’s assets under management are in excess of $1.1 billion, according to the information on the company’s website.

Unrealised foreign exchange gain for the period under review advanced by nearly one-third to N23.2 billion.

Profit before tax leapt by 133.4 per cent to N60.7 billion, while profit after tax accelerated to N53.5 billion from N19.7 billion a year ago. Total assets grew to N407.3 billion, up from N269.8 billion.