Purple Real Estate Income Reports 385.4% Growth in Gross Earnings

Purple Real Estate Income Plc has announced a gross earnings of N20.4 billion for the full year ended December 31, 2022 as against N4.2 billion recorded in the corresponding period of 2021.

According to a statement, in the Consolidated Statement of Profit or Loss, Purple reported Gross earnings of ₦20.4 billion for the full year ended 31 December 2022, having significantly increased by 385.4per cent year-on-year from ₦4.2 billion in the corresponding period of 2021: Net revenue which stood at ₦2.4 billion, represented 36.5 per cent year-on-year over ₦1.8 billion of 2021.

Also, Purple recorded total other income of ₦14.5 billion, up by astronomical 853.8 per cent year-on-year over the full year 2021’s ₦1.5 billion.
Besides, operating income was ₦16.9 billion, up by 411.6 per cent year-on-year from  ₦3.3 billion in 2021: “Total expenses of ₦2.2 billion, up by 22.5per cent year-on-year to (FY 2021: ₦1.8 billion); Profit before income tax of ₦14.7 billion, up by 873.5per cent year-on-year (FY 2021: ₦1.5 billion); Profit after tax of ₦13.1 billion, up by 895.9per cent year-on-year (FY 2021: ₦1.3 billion).” The statement noted.
 
Regarding the Consolidated Statement of Financial Position, Purple’s book showed total assets of ₦45.8 billion. This translates to an increase of 73.5 per cent year-on-year over the position of ₦26.4 billion in 2021. On the other hand, total liabilities stood at ₦23.1 billion, up by 32.5per cent year-on-year over the full year 2021’s ₦17.4 billion. Shareholders’ funds of ₦22.8 billion, represented 152.9 per cent over N9 billion of the previous year.
Group completed its listing on NASD as a Real Estate Company on 23 March 2023 with SDPURPLERE as the NASD Ticker.

“Purple is morphing into a tech-powered real estate and financial services business. At the heart of this integration is Purple Proptech, a wholly owned Purple entity deploying tech based solutions, with the ultimate goal being to bring down barriers and access to world-class retail, entertainment, financial services and investments. Purple is leveraging on technology, to create a unique ecosystem of interconnected products in the cloud, and offline,” the statement noted. 

Purple Group, which has in its fold, Purple Maryland, Purple Lekki and Purple URBAN, expanded its board with the addition of two independent directors, Mrs. Fiona Ahimie and Mrs. Osareme Archibong, because of their diverse experience and fresh perspectives they are bringing to bear. The latest addition has brought the total number of independent directors to four. Overall, executive directors make up 27.2 per cent of the Board, non-executive directors 27.2 per cent and independent directors 45.5 per cent.
 
Commenting on the performance, the Chief Executive Officer, Mr. Laide Agboola, stated: ‘’In 2022, Purple Group continued to make operational and financial progress in support of our differentiated strategies. Operationally, the business consistently tweaked its structures to adapt and address various macroeconomic shocks. Underscoring increased resilience of the business, we recorded very strong financial performance despite economic headwinds and increased cost of building materials, power generation and political uncertainty.”
 
“During the period, we expanded our investment in technology through, Purple Proptech Limited, which is aimed at democratizing real estate ownership and investment. The company’s investment-tech products had a strong outing in the capital market onboarding over 1,200 first time retail equity investors via our electronic platform. This platform along with other useful tech developments continue to be refined under our Fractions Brand, which is poised to launch in 2023.

“We also made significant progress on our Purple Lekki and Urban developments. Purple Lekki in particular took huge leaps towards completion as the team sets course for delivery of the retail portion of this landmark mixed-use asset. We expect to complete Purple Lekki, the first IFC EDGE certified mixed used building in Nigeria, by mid-year 2023 and the single largest building homogenous floor sized building in Nigeria. Real estate will continue to play a significant role in the economy, and we look to be at the forefront of that role with a firm footing to facilitate significant growth and higher returns for all our stakeholders,” Agboola added.