Custodian Investment, led by Nigerian insurance mogul Wole Oshin, claimed a strong financial performance in the first half of 2024, with profits exceeding $14 million.
The group’s profit after tax increased to N22.4 billion ($14.1 million) in the first half of 2024, up from N4.93 billion ($3.06 million) in the same period of 2023. This 354.4 percent rise was driven by strong revenue growth and strategic investments.
The company’s financial records show that Custodian Investment’s revenue climbed dramatically in the first half of 2024, owing to a considerable increase in investment income and insurance service revenue.
Investment revenue increased by 84% to N33.5 billion ($20.8 million) during the period, from N18.2 billion ($11.3 million) in H1 2023. The largest contributor to this was interest income, which increased by 63 percent to N15.3 billion ($9.5 million) from N9.4 billion ($5.83 million) the previous year.
In addition, the group’s insurance service income increased significantly, growing from N41.4 billion ($25.7 million) in H1 2023 to N60.96 billion ($37.9 million) in H1 2024. This expansion was fueled by strong performance in both the life and non-life insurance markets.
Custodian Investment, founded in 1991 by Wole Oshin, who owns a 26.81% share in the company, has established itself as a major participant in Nigeria’s financial sector.
Oshin’s leadership and vision have helped guide the company through difficult market conditions, guaranteeing consistent growth and resilience.
His large stake in Custodian Investment demonstrates his dedication to the company’s long-term performance and strategic market positioning.
Custodian Investment’s great financial success is also evident on its balance sheet. As of June 30, 2024, the group’s total assets had risen to more than $217 million, up from the previous year-end.
The group’s equity also increased significantly, reaching N100.01 billion ($62.1 million) from N81.46 billion ($50.6 million) on December 31, 2023. This jump in equity was mostly driven by a huge increase in retained earnings, which increased from N45.7 billion ($28.4 million) to N174.62 billion ($108.4 million) over the same period.
Given its strong financial position, Custodian Investment has declared its first interim dividend of N0.15 ($0.000093) per share, a significant milestone in the company’s history.
Custodian Investment’s remarkable performance in the first half of 2024 demonstrates its strong operational capabilities and targeted investments in its key industries.
As the firm improves its service offerings and expands its market presence, it remains well-positioned to provide long-term value to its shareholders and stakeholders.
Custodian Investment’s focus on continual innovation and operational excellence positions it for continued expansion in the Nigerian financial scene.
