• Thursday, July 18, 2024
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Afriland shareholders approve N137 dividend

Afriland Properties’s full-year revenue rises 150%

Afriland Properties Plc’s shareholders have approved the N137.4m dividend payout for the 2022 financial period.

The real estate firm disclosed this in a statement on Tuesday. It said the Chairman, Afriland Properties Plc, Emmanuel Nnorom, presented its results to the shareholders at its 10th annual general meeting in Abuja.

Afriland said that despite strong economic headwinds, it reported an upward trend for the financial year ending 31st December 2022.

The real-estate firm in the 2022 financial year reported a 19 percent increase in revenue, declaring a total revenue of N1.9 billion from the total revenue of N1.6 billion earned during the corresponding period in 2021.

Emmanuel Nnorom, chairman, Afriland Properties Plc, addressing shareholders stated that the company is focused on delivering adequate returns to shareholders, while still growing its retained earnings.

He said the company recorded a strong operating performance, growing its revenue by 19 percent to N1.9 billion from N1.6 billion in 2021, while its Profit Before Tax (PBT) rose to N1.8 billion from N1.6 billion the previous year.

The Company’s total assets equally grew by 12 percent to N19 billion from N17.3 billion in 2021.

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Moses Igbrude, national coordinator, the Independent Shareholders Association of Nigeria (ISAN), attributed the success of the company to the hard work, dedication, and purposeful leadership of the Board and Executive Management of Afriland Properties Plc.

Uzo Oshogwe, managing director/CEO of Afriland Properties Plc lauded the Company’s efforts in the past year, acknowledging the efforts of staff as well as support from the Board of Directors and shareholders as key success drivers.

The real estate chief executive pointed out that having a healthy financial statement in a year of significance for the company was appropriate, she stated, “This year is a special one for us as we celebrate our 10th anniversary. Over the years we have remained consistent in our promise to deliver and sustain value through people and projects. Our records speak to notable achievements in the real estate sector and we have remained resilient to record significant milestones.”

“In line with our growth strategy, we plan on commissioning some of our projects this year and believe they will bring real value to investors and stakeholders.

Oshogwe also spoke on the company’s efforts to ensure environmental sustainability. “As part of our sustainability efforts, we have focused on increasing efficiency and reducing emissions. Our steps to accomplish this include partnering with a recycling organisation to recycle our plastic waste and measure what we generate and recycle each year.”