By Aduragbemi Omiyale
A dividend payout of N343.5 million has been approved by shareholders of Afriland Properties Plc at the company’s 11th Annual General Meeting (AGM) held virtually on Tuesday, April 16, 2024.
Business Post reports that the cash reward for the 2023 financial year, amounting to 25 Kobo per share, is 150 per cent higher than the N137.4 million paid in the previous year.
The real estate investment firm was able to increase the payout after it recorded an impressive performance in the period under consideration.
Details of the financial statements for the year showed that the total revenue grew by 150 per cent to N4.72 billion from N1.89 billion in 2022, driven by the completion of the company’s proprietary projects, as the pre-tax profit went up by 34 per cent to N2.41 billion from N1.80 billion.
Additionally, Afriland Properties saw its total assets grow by 76 per cent to N34.07 billion from N19.38 billion in 2022.
“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,” the Chairman of Afriland Properties, Mr Emmanuel Nnorom, stated.
In her address to shareholders at the meeting, the Managing Director/CEO of Afriland Properties Plc, Ms 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,” Ms Oshogwe remarked.
Last year, Afriland Properties 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.
The Emporium, a commercial endeavour providing retail spaces in Port Harcourt, Rivers State, is currently under construction and earmarked for completion in 2024.
These successes and prospects excited shareholders at the AGM today, and they commended the board and management of the firm for their outstanding financial performance, reaffirming their confidence in the leadership and strategic direction.
The National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Mr Moses Igbrude, urged the board and management not to rest on their oars to ensure that the company continues to post good financial performances and reward shareholders with worthy dividends.
Afriland Properties Plc is the leading property management, investment, and development company, with a portfolio size of over N14 billion and one of the largest land banks in Nigeria.