UACN Property Development Company Plc (UPDC) recorded an impressive surge in revenue in 2012 to N12,039 billion, a 78 per cent rise over the N6,782 recorded in 2011. The company’s Profit After Tax Before Non-Controlling Interest rose from N1,067 billion to N2,180 billion, indicating an increase of 31% during the period.
Addressing shareholders at the Company’s Annual General Meeting in Lagos, the Chairman of the Company, Larry Ettah said the Company was positioned to take advantage of the opportunities in the real estate sector as the business “continues to be attractive with the huge housing deficit of about 17 million units, the growing population and the emerging middle class. Partnership opportunities are also emerging across different segments of the market and your company is poised to take advantage of them.”
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The company got shareholders approval to pay a dividend of N962.5 million, representing 70 kobo per ordinary share held by the members.
Ettah pointed out that in spite of the seeming glut in the luxury market, however, rents and sale prices for high-end apartments remained quite high while in the commercial segment, headline rents in Lagos ranked among the highest in the world.
He added: “International operators continue to express a strong desire to expand their foot prints in the Nigerian market, as significant demand/supply imbalance exists for quality hotel accommodation. The retail segment is primed for a major revolution with several mall developments under way in key metropolitan cities of Nigeria.”
Commenting on the outlook of the business for 2013, the Chairman stated that the Real Estate Investment Trust (REITS) transaction would be concluded within the first half of the year.
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