Afriland Properties Records N2.4bn Profit Before Tax

Property management, investment, and development company, Afriland Properties Plc, has disclosed its profit before tax to be N2.41bn for the financial year 2023 indicating a 34 per cent increase from N1.80bn in the preceding year.

A statement from the firm noted that its revenue rose by a triple-digit of 150 per cent from N1.89bn in the previous year to N4.72bn.

At its 11th Annual General Meeting, which took place virtually this past week, the shareholders announced approval to the board’s proposal of a dividend payout of N343.5m for the year 2023, representing a 150 per cent increase from the previous year’s payout of N137.4m

While 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.”

Managing Director/Chief Executive Officer of Afriland Properties Plc, Uzo Oshogwe, further explained 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.

Oshogwe said, “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."