- Declares N2.4 billion PBT as shareholders approve N343.5 million dividend payout.
Lagos, Nigeria, April 16th, 2024
Afriland Properties Plc, the leading property management, investment and development company, with a portfolio size of over N14 billion and one of the largest land banks in Nigeria, has once again demonstrated its resilience and commitment to excellence with a stellar performance in the financial year 2023.
The company reported a remarkable 150% 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% increase from N1.80 billion in the preceding year.
Additionally, Afriland Properties Plc saw its total assets grow by an impressive 76%, reaching N34.07 billion compared to N19.38 billion in 2022.
These impressive financial results were presented to the company’s shareholders at its 11th Annual General Meeting, which took place virtually on Tuesday.
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% increase from the previous year’s payout of N137.4 million.
Commenting on the results, Chairman of Afriland Properties Plc, Emmanuel Nnorom stated, “The remarkable growth achieved in the financial year 2023 reflects the company’s commitment to creating value for all stakeholders. It also underscores the dedication of our management team and the unwavering support of our shareholders.”
Shareholders expressed delight and commendation for Afriland’s outstanding financial 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. On the Island features, The Residences 1, Afriland’s high-end residential complex situated in Ikoyi, Lagos. The Emporium, a commercial endeavor providing retail spaces in Port Harcourt, Rivers State is currently under construction and earmarked for completion in 2024.
Afriland Properties Plc continues to set the pace in the real estate industry, leveraging its expertise and extensive experience to unlock new opportunities and create value for its stakeholders.
Financial highlights
Total Revenue: Afriland Properties Plc recorded a total revenue of N4.72 billion in 2023, marking an extraordinary 150% increase from the previous year’s N1.89 billion.
Profit Before Tax (PBT): The company’s PBT for 2023 surged to an impressive N2.41 billion, reflecting a remarkable 34% increase from N1.80 billion in 2022.
Total Assets: Afriland’s total assets soared to an unprecedented N34.07 billion, showcasing a remarkable 76% increase from N19.38 billion in 2022.
Dividend Payout: In line with its commitment to delivering value to shareholders, Afriland Properties Plc declared a dividend payout of N343.5 million for the year 2023, representing a substantial 150% increase from the previous year’s payout.