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Tuesday, January 31, 2023
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Shareholders Commend Afriland Properties As Company Credits Shareholders’ Accounts With N137.39bn

Afriland Properties Plc’s shareholders have received a 10 Kobo dividend after the payout was approved at the company’s 9th Annual General Meeting (AGM), which took place on Wednesday in Lagos.

On Friday, the payment date, N137.39 million in total was distributed to the shareholders. Compared to the 50 Kobo paid to investors in the 2020 financial year, the cash reward for the 2021 financial year was reduced by 80%.

The shareholders encouraged the management to cooperate with the federal government in addressing the nation’s housing shortage and praised the company’s growth in revenue and profit before tax.

Despite macroeconomy challenges, Mrs. Bisi Bakare, president of the Pragmatic Shareholders Association, expressed satisfaction with the company’s strong operational performance in the 2021 financial year, adding that the expansion drive would enhance profitability and robust dividend to shareholders.

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Reviewing its 2021 financials, the chairman of the company, Nr Emmanuel Nnorom, at the meeting said, “In spite of the challenging business environment, the company recorded a strong operating performance in revenue and profit. Revenue grew by eight per cent to N1.99billion as opposed to N1.85billion recorded in the 2020 financial year.

“The profit before tax performance of N1.60 billion showed a 58 per cent increase in the year as against N1.01 billion recorded in the prior year. The total assets of the company for the year ended December 31, 2021, was N17.30 billion as against N27.10billion recorded in 2020.”

He disclosed that in 2021, the company commenced and completed 22 client projects, while 31 are at various stages of completion across different locations in the country.

Also, the Chief Executive Officer, Afriland Properties, Mrs Uzoamaka Oshogwe, stated that the company’s 2021 performance had been exhilarating and commendable amidst the challenges posed by the uneven recovery in the various sectors across the globe.

She noted that, “During the year under review, we commenced and completed the construction of some clients’ business projects located nationwide, while proprietary projects commenced in the year are at various stages of completion.”

According to her, the company is positioned to take advantage of Government’s policy direction and optimize future rental income from proprietary properties and continue with the aggressive development of residential and commercial purposes with a view to maximizing shareholders’ wealth.

She stated further that Afriland properties would continue to explore the possibility of partnering with any reputable organizations to optimise property portfolio and thus deliver superior value to shareholders.

Mrs Oshogwe reiterates the management’s resolve to achieve the company’s set vision of becoming Africa’s leading Real Estate Company that creates long-term value for shareholders.

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