Purple Real Estate Records N4.7bn Gross Earnings

Kayode Tokede

Purple Real Estate Income Plc has announced gross earnings of N4.7 billion for the half year ended June 30, 2022 indicating and increase 157.5 per cent over the N1.8 billion recorded in the corresponding period of 2021.

The company’s audited results showed net revenue of N984.6 million, q 57.1 per cent year-on-year increase over N626.8 million earned in 2021.

Also, total other income rose by 14.0 per cent to N779.8 million year-on-year (H1 2021 N684.1 million).

Its net operating income grew by 34.6 per cent to N1.8 billion as against N1.3 billion in H1 2021.

The company’s adjusted operating expenses grew by 46.9 per cent to N469.8 million compared with N319.7 million in H1 2021.

It recorded EBITDA of N1.3 billion, up by 30.5 per cent year-on-year from N1.0 billion in H1 2021.

Profit before tax stood at N938.1 million, up by 47.6 per cent from N635.4 million earned in H1 2021.

Profit after tax went up by 39.3 per cent to N744.7 million from N543.5 million recorded in H1 2021.

Commenting on the performance, the Chief Executive Officer, Mr Laide Agboola, stated:

“Building on the momentum we achieved in 2021, we made significant progress during the first half of 2022 and reached several milestones as we expanded our client reach and developed more properties. This was accomplished despite a background of considerable geopolitical instability made worse by the conflict in Ukraine. This war has had a big influence on consumer spending, supply chains, overall inflation, exchange rate and energy prices.

“We remain committed to providing solutions that cater for the needs of our environment and young and vibrant population. The aim is to diversify our revenue streams through our real estate and lifestyle development businesses. Our focus is on strengthening growth through technology and partnerships, as well as improving our capital base. We look forward to progressing further during the year.”