Afriland Properties posts 233 per cent increase in profit

Shareholders approve N137m dividend
Afriland Properties Plc has posted a profit after tax of N1.02 billion for the year ended, December 31, 2017, representing 233 per cent increase over N307 million achieved in the corresponding period of 2016.

The company’s total assets in the year under review stood at N19.8 billion, which represents 17.9 per cent growth when compared to N16.8 billion recorded in 2016.

Its revenue also grew by 11 per cent growth from N1.1 billion to N1.3 billion, while profit before tax rose to N1.06 billion from N0.540 billion in 2016 financial year, representing 96 per cent growth.

Besides, the shareholders of the company approved N137.39 million total dividend, translating to 10 kobo per ordinary share due to every investor of the firm for the 2017 financial year.

Addressing shareholders during the company’s yearly general meeting in Lagos, the Managing Director/Chief Executive Officer, Mrs. Uzo Oshogwe, noted that the company was steadfast in its delivery and dedication to clients with good returns for shareholders, despite unprecedented challenges and profound economic instability that surrounded the period under review.

“Our teamwork and intense focus reflects strong performance across our businesses. Our purpose to improve lives by investing in the development, management and maintenance of world-class real estate offerings across Africa remains a driving force and we would continue to build our capabilities and investments in our people, systems and products.

“Though the operating environment may not change significantly, we are confident that our strategies will yield even better results in the coming years. We are closely monitoring various policy measures being taken by the Government to further sustain the gains made in 2017,” she said.

The Chairperson of Afriland Properties, Erelu Angela Adebayo, attributed the improved performance to the development and disposal of properties in the year.

“While we faced diverse challenges in the operating environment, the company commenced and completed a number of projects. Our flagship project for the development and disposal of residential building was a huge success.

“The market remains challenging, but our strategic priorities are clear and we will continue to adapt our business accordingly. The core of our growth strategy remains directed towards broadening our real estate offerings to the market and ensuring that we consistently deliver value.

“We have also evaluated our strategy and refined our goals and priorities to ensure we work for the long-term benefit of our shareholders,” she said.