• Monday, June 17, 2024
businessday logo


Afriland Properties records N1.6bn PBT in 2021

Afriland Properties records N1.6bn PBT in 2021

A Property management, investment and development company, Afriland Properties Plc has recorded a Profit Before Tax (PBT) of N1.604 billion in the 2021 financial year, as against N1.009 billion recorded in 2020, indicating a 58 percent increase.

In the year under review, the company achieved an 8 percent growth in revenue, moving from N1.414 billion in 2020 to N1.627 billion.

Emmanuel Nnorom, the chairman of the board of directors speaking at its 9th Annual General Meeting in Lagos said inspite of the challenging business environment, the company recorded strong operating performance in revenue and profit.

He said, “in view of the outstanding performance, the board of directors is proposing the sum of N137, 390,000 as a dividend, translating to 10 kobo per ordinary share.

And this was excitement for shareholders who gladly gave their approval, thanking the board and management for the performance.

On the activities of the company in 2021, Nnorom said, “the company commenced and completed 22 clients projects while another 31 are at various stages of completion across different locations in the country’.

Looking into the future, he said the board and management were working assiduously to take advantage of opportunities in the housing sector, as it will continue to collaborate with government and other stakeholders to enhance housing delivery across Nigeria.

However, due to the effect of differed taxes amounting to N1.649 billion, profit after tax was in negative at N44.733 million.

Read also: Afriland Properties list professionalism, strategic intent as growth drives

The company’s total assets at the end of 2021 was N17 billion, as against N27 billion in 2020, while the shareholders fund grew to N10.1 billion, from N9.8 billion in the previous year.

Uzoamaka Oshogwe, the managing director/CEO of the company in her remarks at the AGM, said the company in 2021 continued to pursue its goals and objectives, which included Real estate development; project construction, supervision and management; facilities management of clients’ and proprietary properties; renovation/upgrades; and breaking into new grounds in the real estate development space.

Oshogwe said the company’s performance for the year 2021 has been nothing but exhilarating and commendable amidst the challenges posed by the uneven recovery in various sectors across the globe.

“Your company delivered a stellar performance, reporting top line improvement on total revenue and PBT.”

On outlook, “As a company, we are positioned to take advantage of government policy direction and optimize future rental income from our proprietary properties and to continue with the aggressive development of the underlisted properties for residential and commercial purposes with a view to maximising shareholders wealth, Oshogwe said.

Sunny Nwosu, leader emeritus, Independent Shareholders Association of Nigeria who joined to applaud the management and board performance in the review year, called on government to support the private sector in helping to reduce the country’s housing gap.

There is need for government intervention for any meaningful progress to be made in the country’s housing scheme because only the private sector cannot do it, Nwosu said.