Foremost Real Estate Company, Afriland Properties Plc, has released its audited financial results for the year ended December 31, 2022, showing impressive performance across major indices.
As reported in the company’s financials for 2022, revenue grew 19% to N1.9 billion from N1.6 billion in 2021. Additionally, its total assets increased by 12% to N19.4 billion from N17.3 billion in 2021.
In keeping with tradition, the real estate company is proposing a dividend of 10 kobo per ordinary share for the financial year ending December 31, 2022, amounting to a dividend payment of 137.4 million, if ratified by shareholders at the company’s upcoming Annual General Meeting (AGM).
According to Afriland Properties Plc’s MD/CEO, Uzo Oshogwe, the company will continue to deliver quality projects and services to its shareholders regardless of adverse economic factors. She said, “Despite a significant increase in the cost of development, mainly due to the astronomical rise in the cost of building materials, Afriland will continue to build upon its five-year strategic plan which will drive the completion of numerous developments across the country. We will increase the number of our commercial and residential developments and significantly upscale our activities in the project management, facilities management, and property management space. Our goal is to deliver superior returns to our shareholders and enhance our brand.”
The Afriland Properties Chief Executive shed light on the company’s plan to leverage data in its expansion drive, “We intend to take advantage of the upcoming National Population and Housing Census to ensure that our policies are structured towards maximizing opportunities made available by the exercise.” She also pointed out that Afriland Properties was open to strategic partnerships that would optimize its property portfolio and improve rental yield on performing assets.
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 N12 billion 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 across Africa.
This post was published in THE PUNCH