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Chinwendu Obienyi
Following the excellent performance of the real estate sector greatly influenced by the recovery in the economy, Afriland Properties Plc said it recorded marginal growth in revenue amounting up to N1.30 billion in 2018.
This represents a 2 per cent growth from its revenue of N1.28 recorded in the corresponding year of 2017. Similarly the company which proposed N68.70 million dividend payout for the year ended 31, December, 2018, got shareholders approval, thus translating to 5 kobo per ordinary share.
Speaking at its 6th Annual General Meeting (AGM) which held in Lagos, Chairman, Board of Directors, Afriland Properties Plc, Emmanuel Nnorom, said that inspite of the Nigerian economy being characterised by several challenges in 2018, the real estate sector contributed 6.41 per cent to real Gross Domestic Product (GDP) in the year under review, adding that the trajectory is expected to continue in 2019.
Nnorom said that the company’s profit before tax (PBT) and profit after tax (PAT) reduced by 13 per cent and 33 per cent while noting that its total assets grew by N24.9 billion, representing a 26 per cent increase over N19.8 billion posted in 2017.
