Property management, investment, and development company, Afriland Properties Plc, has recorded a profit before tax of N2.41bn for the financial year 2023 indicating a 34 per cent increase from N1.80bn in the preceding year.
According to a statement from the firm, its revenue rose by a triple-digit of 150 per cent from N1.89bn in the previous year to N4.72bn.
Additionally, Afriland Properties saw its total assets grow by an impressive 76 per cent, reaching N34.07bn compared to N19.38bn in 2022.
At its 11th Annual General Meeting, which took place virtually this past week, the shareholders approved the board’s proposal of a dividend payout of N343.5m for the year 2023, representing a 150 per cent increase from the previous year’s payout of N137.4m
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.”
Managing Director/Chief Executive Officer 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.
