Benin City: Shareholders of Austin Laz company Plc have lauded the management for returning to operations after over 12 years of being out of production occasioned by eco-climate-induced challenges.
Speaking at the third Annual General Meeting of the manufacturing company in Benin City for the year ending 2024, recently, shareholders lauded the management and Board of Directors for their resilience, doggedness, innovation and creativity in bringing the company back to its feet.
The shareholders who physically attended the meeting and those who joined online applauded the company’s performance in the 2024 financial year, compared to the previous years, indicating a brighter future for the company and investors.
Some of the shareholders include Agbaje Kehinde, Banji Olugbosun, Atolagbe Taofeek, Adewale Aremu, Christopher Itua, chairman, Board of Directors, Austin Laz company and others. They commended the management for an impressive 2024 financial year, and assured of shareholders’ continuous support.
The shareholders noted that despite the over 12 years setback and the prevailing harsh economic climate dogged by high rate of inflation, cost of production, power, among others, the company was able to realise a turnover of N1,316,125 billion in the year 2024, realizing a gross profit of N156,280 million.
While further expressing satisfaction with the 2024 business output despite the non-payment of dividends to members, the shareholders gave management a pat on the back for raising the assets base of the company from N1.3 billion in 2023 to N1.427,592 billion in 2024.
Earlier, in his address, Christopher Itua, Chairman, Board of Directors of the company, things have begun to get better for the company owing to shareholders’ advice and encouragement amid numerous challenges faced by the company.
“This support is well appreciated and we look forward to having more of it as we start operations in 2026 going forward.
“For about 12 years, our operations had been down but we give thanks to Almighty God that He kept us through these difficult years and has allowed us to restart again.
“We believe that He will guide us throughout and for the sake of His Name, grant us favour to accomplish more than our dreams and vision, he said.
Itua posited that the company is going forward into 2026 with renewed strength and conviction to advance with better results for all shareholders.
He said as part of the restructuring efforts, the company had in the past year continued with the test marketing of its new products.
He listed some of the products to include Glazed Ceiling (suspended ceiling) and Glazed Facia Boards.
The Board chairman added that the company is also developing some associated building material products, which would be in the market between the first, second and 3rd quarters of 2026.
“Our First Lady Cooler, which we talked about last year, is currently under test-run, and we are also hoping to get it into the market in the first quarter of 2026.
“The market reception is very encouraging, and we are now poised to commence commercial production from the first quarter of 2026, too,” he stated.
He posited that the two major products of the company are for investment in the housing and cooling industries, which is the ice block machines.
Itua assured shareholders and prospective ones that the company, was currently on a phased restructuring timeline, effective October 2024 and scheduled to be completed by October 2026.
He added that all hands are seriously on deck to ensure that operations are commenced and a positive performance report is achieved from the first quarter of 2026.
To achieve the objective he said, the company has put all machinery in place to revamp and resuscitate all machines and equipment to come back into full-scale production within the same time.
