Afriland Properties Plc. has announced a profit before tax of N1.74 billion for the year ended December 31, 2014, representing a 311% increase compared to the corresponding period of 2013. This was declared at the recently held 2nd 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 N8.1billion from N4.2 billion during the period under review.
While addressing the shareholders, the Managing Director/Chief Executive Officer, Afriland properties Plc, Mrs. Uzo Oshogwe stated that “the Company’s financial performance is an evidence of its operational excellence, a customer centric culture and high corporate governance standards. Our deliberate focus on excellent delivery has prompted us to increase our full-year performance”.
In her remarks, the Chairman of Afriland Properties, Erelu Angela Adebayo said “The upturn in our net earnings is attributable to improved operational efficiency and focus on value creation. She stated further”We are prepared to further strengthen our balance sheets and business model this year by tapping into the opportunities that will be created in the building and construction sector. We are equally poised to take advantage of other structural reforms of the federal government, which hopefully will impact the housing sector”.
Afriland Properties Plc is a property development and management Company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.
With a portfolio size of over N8 billion and one of the largest land banks in Nigeria, Afriland Properties is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.