Shareholders of Afriland endorse N68.695m dividend payout

Shareholders of Afriland Nigeria Plc have approved N68.695 million dividends, translating to 50 kobo per share for 2020 financial year.

At the 2020 yearly general meeting of the company in Lagos, the shareholders applauded the company’s performance, urging the management to ensure that an unclaimed dividend list is published.

The Founder of the Independent Shareholders Association, Sunny Nwosu, decried the 50 kobo dividend paid from retained earnings of N1.50 kobo.

He charged the management should consider the plight of shareholders and the harsh economic situation in the country and increase their dividend payouts in the current financial year.

The President of pragmatic Shareholders Association, Mrs. Bisi Bakare, expressed satisfaction with the company’s expansion drive, noting that it would boost profitability and sustain the firm’s growth.

She said: “Afriland has over 41 expansion projects in Nigeria and a good number of them are near completion. This is despite the weak macroeconomic environment, exacerbated by the impact of COVID-19.”

She decried the company’s debt profile, urging the management to embark on an aggressive recovery exercise to safeguard the future of the company.

Reviewing its financials, the Chairman of the company, Emmanuel Nnorom, appreciated the shareholders for their commendations. He said the real estate industry was negatively affected by the pandemic as public and private properties such as offices, apartments, hotels, sports and entertainment venues were singled out as potential spreading locations for the coronavirus.

He told shareholders that the company had over 41 projects in different locations in the country and at various stages of completion as of December 31, 2020.

“Our performance during the year was affected by the events in the larger economy, however, we will further strengthen our balance sheets and business model this year by tapping into the opportunities that will be created in the building and construction sector,” Nnorom said.

According to him, the company recorded a revenue of N1.42 billion, representing a marginal four per cent reduction from N1.48 billion achieved in 2019 while profit before tax stood at N1 billion against the N1.3 billion in 2019.

The company’s total assets stood at N27.07 billion representing an increase of nine per cent as against the N24. 86 billion recorded in 2019.