Purple Group grows half year earnings by 157.5% to N4.7bn

Purple Real Estate Group has released its audited results for the half year (H1) ended June 30, 2022. The Group’s consolidated statement of profit or loss shows: gross earnings of N4.7 billion, up 157.5percent year-on-year (YoY) from H1 2021 of N1.8 billion.

It also recorded net revenue of N984.6 million, up by 57.1percent year-on-year (H1 2021: N626.8 million); while total other income rose by 14percent to N779.8 million year-on-year (H1 2021: N684.1 million). The group’s net operating income grew by 34.6percent to N1.8 billion year-on-year (H1 2021: N1.3 billion).

Adjusted operating expenses grew by 46.9percent to N469.8 million year-on-year (H1 2021: N319.7 million). Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) printed at N1.3 billion, up by 30.5percent year-on-year (H1 2021: N1 billion).

Operating profit (or EBIT) of N1.3 billion, up 30.6percent year-on-year (H1 2021: N991.2 million). Profit before tax (PBT) of N938.1 million, up by 47.6percent year-on-year (H1 2021: N635.4 million). Profit after tax (PAT) of N744.7 million, up 39.3percent year-on-year (H1 2021: N543.5 million).

Read also: Zenith Bank launches nationwide pitch competition for Nigerian tech startups

The group’s total assets increased by 16.6percent to N30.8billion year-to-date (FY 2021: N26.4 billion); total liabilities of N21billion, up 20.4percent year-to-date (FY 2021: N17.4 billion); Shareholders’ funds of N9.8 billion (FY 2021: N9billion); while the total amount of the interim dividend declared/proposed is N185.5 million of 6 kobo per share held as at March 31, 2022 for the period ended June 30, 2022 (2021: N142.3 million).

Commenting on the performance, Laide Agboola, Chief Executive Officer, Purple Real Estate Group stated: “Building on the momentum we achieved in 2021, we made significant progress during the first half of 2022 and reached several milestones as we expanded our client reach and developed more properties. This was accomplished despite a background of considerable geopolitical instability made worse by the conflict in Ukraine. This war has had a big influence on consumer spending, supply chains, overall inflation, exchange rate and energy prices.

“We remain committed to providing solutions that cater for the needs of our environment and young and vibrant population. The aim is to diversify our revenue streams through our real estate and lifestyle development businesses. Our focus is on strengthening growth through technology and partnerships, as well as improving our capital base. We look forward to progressing further during the year.”