Afriland Properties Grows Profit by 311% to N1.7bn
Goddy Egene and Eromosele Abiodun
Afriland Properties Plc has announced a profit before tax of N1.74 billion for the year ended December 31, 2014, representing a 311 increase compared to the corresponding period of 2013. Based on the profit, the directors recommended a dividend of N499.6 million, which translates into 40 kobo per share.
The dividend was approved by the shareholders at the second annual general meeting (AGM) of the company in Lagos on Wednesday.
Addressing the shareholders at the AGM, Chairman of Afriland Properties, Chief Angela Adebayo said “The upturn in our net earnings is attributable to improved operational efficiency and focus on value creation. We are prepared to 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. We are equally poised to take advantage of other structural reforms of the federal government, which hopefully will impact the housing sector”.
Also speaking, the Managing Director/Chief Executive Officer, Afriland properties Plc, Mrs. Uzo Oshogwe stated that “the Company’s financial performance is an evidence of its operational excellence, a customer centric culture and high corporate governance standards. Our deliberate focus on excellent delivery has prompted us to increase our full-year performance.”
Afriland Properties Plc is a property development and management company offering end-to-end services along the real estate value chain, from management to joint-venture investments. With a portfolio size of over N8 billion and one of the largest land banks in Nigeria, Afriland Properties is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.
Meanwhile, the Nigerian equities market recovered after declining for two days as the Nigerian Stock Exchange (NSE) All Share Index rose by closed up 1.0 per cent to close at 34,520.14. Similarly, market capitalisation added N155 billion to close at N11.8 trillion.