Afriland properties records N1.74bn FY’14 PBT

Afriland Properties plc recorded a profit before tax of N1.74 billion for the year ended December 31, 2014, representing a 311 percent increase compared with the corresponding period of 2013.

This was declared at the company’s recently held second annual general meeting.

During the meeting, which took place at the Banquet Hall of Lagoon Restaurant, Lagos, the board of directors and management also declared a total dividend payment of N499.6 million, translating to 40 kobo per ordinary share.

The company’s total assets increased to N8.1 billion from N4.2 billion during the period under review.

Afriland Properties is a property development and management company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.

With a portfolio size of over N8 billion and one of the largest land banks in Nigeria, Afriland Properties is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.

While addressing the shareholders, Uzo Oshogwe, managing director/CEO, Afriland Properties, said “the company’s financial performance is an evidence of its operational excellence, a customer-centric culture and high corporate governance standards. Our deliberate focus on excellent delivery has prompted us to increase our full-year performance.”

In her remarks, Erelu Angela Adebayo, chairman of Afriland Properties, said: “The upturn in our net earnings is attributable to improved operational efficiency and focus on value creation.

“We are prepared to further strengthen our balance sheets and business model this year by tapping into the opportunities that will be created in the building and construction sector. We are equally poised to take advantage of other structural reforms of the Federal Government, which hopefully will impact the housing sector.”