The revenue of Afriland Properties Plc, a real estate firm in Nigeria, rose by 150 percent to N4.72 billion last year from N1.89 billion in 2022.
The significant growth the company recorded was driven by gains arising from the disposal of its proprietary apartments developed and completed within the year.
Emmanuel Nnorom, chairman of the Board of Directors, who disclosed this at the company’s 11th Annual General Meeting held virtually, said the financial performance for the period reflects its persistent growth drive as the company continues to work to ensure success despite the challenging times.
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He said the company during the year under review recorded a profit before tax of N2.41 billion as against N1.80 billion in 2022, a 34 percent increase, while profit after tax closed at N1.73 billion, from N1.19 billion the previous year.
From the profit, shareholders got a dividend pay-out of N343.5 million, translating to N25 kobo per share, an increase of 150 percent from the 10 kobo per share paid out in the previous year.
The company’s total assets also rose to N34.07 billion, reflecting a growth of 76 percent compared to N19.38 billion recorded in the preceding year.
Well aware of the challenges confronting the economy, the Board Chair said, the growing demand for housing in Nigeria continues to rise, and this he noted was being driven by the country’s young and growing population as well as urbanisation.
On how to stay stronger in the future, Nnorom said “Currently, and in our future projects, our commitment involves harnessing state-of-the-art technologies to elevate the design, construction, and administration of our projects.”
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He said these encompass the integration of intelligent and sustainable elements aimed at enhancing energy efficiency, connectivity, and the overall quality of life of its customers.
Uzoamaka Oshogwe, managing director/CEO of Afriland Properties in her report to shareholders said the company will continue to explore the possibility of partnering with any reputable organisation with a view optimizing its property portfolio and improving the rental yield on performing assets.
“We are committed to leveraging on viable opportunities to drive sustainable growth for your company despite the harsh operating environment inherent in the Nigerian economy, as factors such as inflation, currency fluctuation, and overall economic downturn may not abate in 2024.”
