Positioned to optimize future rental income and aggressive development of properties - Uzoamaka Oshogwe's Statement to shareholders at the 9th AGM of Afriland Properties Plc.
Our performance for the year ended 31st December 2021, has been nothing but exhilarating and commendable amidst the challenges posed by the uneven recovery in various sectors across the globe. Your Company, delivered a stellar performance, reporting top line improvement on total Revenue and Profit Before Tax of N1.99Billion and N1.60Billion when compared to revenue and profit before tax of 1.85Billion and N1.01 Billion recorded in the same period last year. This represents, 8% and 58% growth on Revenue and Profit Before Tax over year 2020 performance.
Financial Position
The company's total assets as of 31 December 2021 stood at N17billion as against N27billion as of 31 December 2020. Shareholders' funds as of 31 December 2021 stood at N10.1billion as against #9.8billion in 2020.
Key Business Achievements and Overview
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.
Outlook for 2022 The global economy started in 2022 in a weak position and may not hit the targeted growth rate as previously anticipated. The Omicron COVID-19 variant continued spread made some countries to reimpose mobility restrictions locally, resulting in the disruption of supply chains, clogged ports which consequently halted economic activities in the first two months of 2022. Furthermore, the rising cost of energy and food prices will result in higher and more broad-based inflation than anticipated in the United States, Europe, sub-Saharan Africa, and other developing countries.
Global growth is expected to moderate from 5.9% in 2021 to 4.4% in year 2022 as predicted by the International Monetary Fund (IMF). The Africa Development Bank (AFDB) predicted a moderate growth of 2.9% for Nigeria in 2022. The forecasted rate is based on continued stability in the volume and sustenance of crude oil price. In the energy sector, following the assent of the Petroleum Industry Act of 2021, the regime of subsidizing the cost of fuel products to Nigerian may be withdrawn by the Government in 2022. The sustained practice of under-recovery of the cost of fuel will adversely impact the revenue of the Federal Government of Nigeria. Furthermore, contribution from the oil sector hitherto in recession is expected to reverse in 2022 and help spur growth especially with expected increase in the production quota of
Nigeria which is currently below OPEC'sapproved quota.
As a Company, we are positioned to take advantage of Government's policy direction and optimize future rental income from our proprietary properties and to continue with the aggressive development of the underlisted properties for residential and commercial purposes with a view to maximizing shareholders wealth.
· Aromire Ikeja, Lagos
(Development of Studio, Two- & Three-Bedroom Apartments) Club Road, Ikoyi, Lagos (Development of Two, Three Bedroom & Penthouse Apartments)
· Abule Egba, Lagos (Development of a Business Office, Shopping Mall & Office Spaces)
· Port Harcourt Road, Owerri
(Development ofBusiness Office)
· Bwari Abuja (Development of
Business Office)
· POWA Nasarawa (Development
of BusinesszOffice)
· Phase 1, Karmo Estate, Abuja (Development of fully detached maisonnettes & Semi-detached duplex apartments).
· Trans Amadi Industrial Layout, Port Harcourt(Development of shopping mall).
Finally, we will continue to explore the possibilityof partnering with any reputable organizations with a view to optimizing our property portfolio and thus delivering superior value to shareholders.
About Afriland
Afriland Properties Plc is a property management,
and development investment, company, offering end-to-end services along the real estate value chain, from management to jointventure investments.With a portfolio size of over N10 billion and one of the largest land banks in Nigeria, Afriland is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.
Total Revenue and Prot Before Tax of N1.99Billion and N1.60Billion when compared to revenue and prot before tax of 1.85Billion and N1.01 Billion recorded in the same period last year.
Contacts
enquiries@afrilandproperties.com (+234) 01 631 0650