Afriland Properties Plc. has announced total assets of N16.7 billion for the year ended December 31, 2016, representing 10% increase compared to the corresponding period in 2015.
This was stated by the Board of Directors during the Company’s Annual General Meeting which took place at the Banquet Hall of Lagoon Restaurant. The Board also proposed a total of N125m bonus shares to Shareholders.
The Company posted a profit before tax (PBT) and profit after tax (PAT) of N0.54 billion and N0.31 billion respectively. These represent 69% and 74% reduction respectively when compared to prior year.
While addressing the Shareholders, the Managing Director/Chief Executive Officer, Afriland Properties Plc, Mrs. Uzo Oshogwe stated that the difficult economic climate negatively impacted the performance of the real estate industry. Despite these extremely challenging conditions, we still kept the Company on a stable trajectory. Although the operating environment remains challenging, the Board and Management of the Company are very confident that the strategic initiatives that are being implemented are set to yield better results for the Company. We remain cautiously optimistic about the various measures being undertaken to stimulate the economy and we are closely monitoring Government policy measures to ensure that we take advantage of them for an improved performance in the year ahead”.
In her remarks, the Chairman of Afriland Properties Plc, Erelu Angela Adebayo, noted that “The 10% increase in our assets is attributable to revaluation gains on various upgraded investment properties. Afriland Properties Plc. remains committed to increasing Shareholder value and boosting returns. Each Shareholder will receive one bonus share for every 10 ordinary shares of 50 kobo each held as at the qualifying date, totaling N125M. We are prepared and strategically positioned to take on the opportunities that will be created in the sector.
We will also continue to strike a good balance between our obligations of rewarding shareholders and the need to retain earnings to finance future reinvestment in the Company’s operations”.