Afriland Properties Plc. has announced an operating income of N2.3 billion for the year ended December 31, 2015, representing 44 percent increase compared to the corresponding period of 2014. This was declared at the Company’s recently held 3rd Annual General Meeting.
During the meeting which took place at the Banquet Hall of Lagoon Restaurant, the Board of Directors and the Management also declared a total dividend payment of N499.6M translating to 40 kobo per ordinary share.
The Company’s total assets increased to N15.3 billion from N8.2 billion during the period under review representing 87 percent increase.
Afriland Properties Plc. achieved a profit before tax (PBT) of N1.72 Billion for the financial year ended December 31, 2015. This is 1 percent lower when compared to N1.74 Billion for the year ended December 31, 2014. Profit after tax (PAT) attributable to the Company was N1.15 billion, which is 24 percent below the position of N1.51 billion for the year ended 31 December, 2014.
While addressing the shareholders, the Managing Director/Chief Executive Officer, Afriland properties Plc, Mrs. Uzo Oshogwe stated that “Despite the economic headwinds during the financial year under review, we successfully kept the Company on a strong, stable trajectory and delivered a solid performance. The results in the fiscal year 2015 were possible due to “Effectiveness and Efficiency in the way we work and our ability to deliver excellent and innovative real estate solutions to our client. The reduction in profit over prior year resulted from the diminution in the value of the Company’s share investment and the increase in the level of tax provision.”
In her remarks, the Chairman of Afriland Properties, Erelu Angela Adebayo said “The 44 percent increase in our operating income is attributable to the increased level of activities in project directorate and project management, increased rental income and re-valuation gains on investment properties. We will continue to strike a good balance between our obligations of rewarding shareholders and the need to retain earnings to finance future reinvestments in the Company’s operations.”