By Chinwendu Obienyi and Chukuma Umeorah
Afriland Properties Plc has once again demonstrated its resilience and commitment to excellence with a stellar performance in the financial year 2023.
The company reported a 150 per cent increase in total revenue, reaching a total of N4.72 billion compared to N1.89 billion in the previous year. The company’s Profit Before Tax (PBT) also witnessed a substantial surge, standing at N2.41 billion, reflecting a 34 per cent increase from N1.80 billion in the preceding year.
Additionally, the company saw its total assets grow by 76 per cent, reaching N34.07 billion compared to N19.38 billion in 2022.
These financial results were presented to the company’s shareholders at its 11th Annual General Meeting, which took place virtually. During the meeting, the shareholders approved the Board’s proposal of a dividend payout of N343.5 million for the year 2023, representing a substantial 150 per cent increase from the previous year’s payout of N137.4 million.
Commenting on the results, Chairman of Afriland Properties Plc, Emmanuel Nnorom stated, that the remarkable growth achieved in the financial year 2023 reflects the company’s commitment to creating value for all stakeholders while adding that it underscores the dedication of its management team and the unwavering support of its shareholders.
Shareholders commended Afriland’s performance, reaffirming their confidence in the company’s leadership and strategic direction. National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, urged Afriland’s board and management not to rest on their oars to ensure that the company continues to post good financial performances and reward shareholders with worthy dividends.
Managing Director/CEO of Afriland Properties Plc, Uzo Oshogwe, highlighted the completion of the company’s proprietary projects as one of the drivers contributing to the impressive financial performance while sharing plans to further diversify its development portfolio in the current year.
“In line with our growth strategy, Afriland Properties Plc plans to commence the construction and equally commission several landmark projects in the coming years in Lagos, Abuja, and Port Harcourt. Notable among these projects is Afriland Estate, a fully residential estate in Abuja, further solidifying our position as a market leader in the real estate sector. Afriland Properties remains dedicated to creating sustainable communities and enhancing shareholder value through its strategic investments and operational excellence,” Oshogwe remarked.
Last year, Afriland completed the development of Iris Court, a block of residential apartments, and Afriland Complex, a commercial venture featuring offices and retail spaces, both situated on the Lagos mainland.