Afriland Properties Grows Income by 44%,  Posts N1.7bn Profit

Afriland Properties Plc has recorded an operating income of N2.3 billion for the year ended December 31, 2015, representing 44 per cent increase compared to . what was achieved in  2014. The company achieved a profit before tax (PBT) of N1.72 billion for the financial year ended December 31, 2015, compared to N1.74 billion in 2014. Profit after tax (PAT) was  N1.15 billion, which is 24 per cent  below the N1.51 billion for the year ended 31 December, 2014. Total assets increased to N15.3 billion from N8.2 billion during the period under review, representing 87 percent increase.

Based on the results,  the Board of Directors and declared a total dividend payment of N499.6 million translating to 40 kobo per share.

Addressing shareholders at the annual general meeting (AGM)I 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.”

In her remark,  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.”

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 N15 billion and one of the largest land banks in Nigeria,  the company is  pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.