By Chinwendu Obienyi
Shareholders of Afriland Properties Plc, have approved the company’s proposed N137.4 million total dividend payout.
This represents a dividend of 10 kobo per ordinary share for the financial year ending December 31, 2022.
This is coming after the company amidst strong economic headwinds reported an upward trend for the financial year ending December 13 2022. The real-estate firm reported a 19 per cent 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.
The financials of the company were presented by the Directors of the Company to shareholders at its 10th Annual General Meeting which took place in Abuja. Addressing shareholders, the Chairman, Afriland Properties Plc, Emmanuel Nnorom, 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 per cent 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 per cent to N19 billion from N17.3 billion 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. The 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. Also speaking at the meeting Uzo Oshogwe, Managing Director/CEO of Afriland Properties Plc, while acknowledging the efforts of staff as well as support from the Board of Directors and shareholders pointed out that having a healthy financial statement in a year of significance for the company was appropriate.
Oshogwe 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”.
She also spoke on the company’s efforts to ensure environmental sustainability.