Afriland Properties Grows Revenue by 150% to N4.7bn
Afriland Properties Plc, a leading property management, investment, and development company in Nigeria, has reported a remarkable 150 per cent increase in total revenue hitting N4.72 billion for the year ended December 31, 2023, compared to N1.89 billion in the previous yea.
The company’s profit before tax (PBT) grew by 34 per cent to N2.41 billion, from N1.80 billion in 2022.
Similarly, Afriland Properties Plc saw its total assets grow by an impressive 76 per cent to N34.07 billion compared to N19.38 billion in 2022.
These impressive financial results were presented to the company’s shareholders at its 11th Annual General Meeting, which took place virtually yesterday.
Pleased with the performance, the shareholders approved the dividend of N343.5 million for the year 2023, representing a jump of 150 per cent increase from the previous year’s N137.4 million.
Commenting on the results, Chairman of Afriland Properties Plc, Emmanuel Nnorom said: “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.”
Shareholders expressed delight and commendation for Afriland’s outstanding financial performance, reaffirming their confidence in the company’s leadership and strategic direction. For instance, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, urged Afriland’s board and management not to rest on their oars and to ensure that the company continues to post good financial performances and reward shareholders with worthy dividends.
Managing Director/CEO 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. On the Island features, The Residences 1, Afriland’s high-end residential complex situated in Ikoyi, Lagos. The Emporium, a commercial endeavor providing retail spaces in Port Harcourt, Rivers State is currently under construction and earmarked for completion in 2024.Afriland Properties Plc continues to set the pace in the real estate industry, leveraging its expertise and extensive experience to unlock new opportunities and create value for its stakeholders.
