Afriland Properties Plc announces improved financial performance, declares N1.9bilion gross earnings as Shareholders approve N137.4million dividend payout
Despite strong economic headwinds, leading indigenous property management, investment, and development company, Afriland Properties Plc has reported an upward trend for the financial year ending 31st December 2022. The real-estate firm reported a 19% increase in revenue declaring a total revenue of N1.9billion from the total revenue of N1.6billion earned during the corresponding period in 2021.
The financials of the company were presented by the Directors of the Company to shareholders at its 10th Annual General Meeting which took place at The Transcorp Hilton Hotel, Abuja. During the meeting, the shareholders also approved the Board’s proposal to pay a sum of N137.4million as total dividends payout.
Addressing shareholders, the Chairman, Afriland Properties Plc, Emmanuel Nnorom presented the company’s financials, stating 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% to N1.9billion from N1.6billion in 2021, while its Profit Before Tax (PBT) rose to N1.8billion from N1.6billion the previous year. The Company’s total assets equally grew by 12% to N19.billion from N17.3billion in 2021.
The shareholders, in turn, expressed delight about the financial performance of the company highlighting increased revenue, and earnings per share as a positive development. National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude 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.
Mrs. 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.”
Afriland Properties Plc is a property management, investment, and development company, offering end-to-end services across the real estate value chain, from management to joint-venture investments.
With a portfolio size of over N12billion and one of the largest land banks in Nigeria, Afriland is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.