AS SHAREHOLDERS APPROVE N137.39 MILLION AS DIVIDEND PAYMENT
Afriland Properties Plc. has announced a profit after tax of N1.02 billion for the year ended, December 31, 2017, representing 233% increase compared to N307 million in the corresponding period of 2016. Total assets in the year under review stood at N19.8 billion which represents 17.9% increase over N16.8 billion recorded in 2016.
This was stated by the Board of Directors during the company’s 5th Annual General Meeting, which took place at the Banquet Hall of Lagoon Restaurant on Tuesday, March 27, 2018. The shareholders also approved the Board’s proposal to pay a sum of N137.39 million as dividend, translating to 10 kobo per ordinary share.
For the financial year ended 2017, Afriland properties plc. also recorded 11% growth in revenue from N1.1 billion in 2016 to N1.3 billion, while profit before tax increased by 96% to N1.06 billion from N0.540billion in 2016 financial year.
In her address, the Managing Director/Chief Executive Officer, Afriland Properties Plc, Mrs. Uzo Oshogwe, stated that “though the year under review was a period of unprecedented challenges and profound economic instability, our company was steadfast in our delivery and dedication to our clients while earning a good return for our shareholders. Our teamwork and intense focus reflects in the strong performance across our businesses.
“Our purpose to improve lives by investing in the development, management and maintenance of world-class Real Estate offerings across Africa, remains a driving force and we would continue to build our capabilities and investments in our people, systems and products.
“Though the operating environment may not change significantly, we are confident that our strategies will yield even better results in the coming years. We are closely monitoring various policy measures being taken by the Government to further sustain the gains made in 2017.”
Commenting on the results, the Chairperson of Afriland Properties Plc, Erelu Angela Adebayo, stated that “the strong performance and increase in growth is attributable to the development and disposal of properties in the year. While we faced diverse challenges in the operating environment, the company commenced and completed a number of projects. Our flagship project for the development and disposal of residential building was a huge success.
“The market remains challenging, but our strategic priorities are clear and we will continue to adapt our business accordingly. The core of our growth strategy remains directed towards broadening our real estate offerings to the market and ensuring that we consistently deliver value. We have also evaluated our strategy and refined our goals and priorities to ensure we work for the long-term benefit of our shareholders.”
Afriland Properties Plc is a property management, investment and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.
With a portfolio size of over N15 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 throughout Africa.
We bring innovation to the real estate sector in Nigeria and other African countries by drawing on experience, new competencies, and technology to achieve continuous improvement in service delivery to our clientele.