Afriland Properties Record 150% Increase In Total Revenue For 2023

Afriland Properties Plc, reported a 150 per cent increase in total revenue, reaching a total of N4.72 billion for the year ended December 31, 2023.

The Company also posted profit before tax of N2.41 billion, reflecting a 34 per cent increase from N1.80 billion in the preceding year.

Additionally, Afriland Properties Plc saw its total assets grow by an impressive 76 per cent, reaching N34.07 billion compared to N19.38 billion in 2022.

These impressive financial results were presented to the company’s shareholders at its 11th Annual General Meeting held in Lagos.

During the meeting, the shareholders approved the Board’s proposal of a dividend payout of N343.5 million for the year 2023, representing a substantial 150 per cent increase from the previous year’s payout of N137.4 million.

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Speaking on the results, chairman of Afriland Properties, Emmanuel Nnorom stated, “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.”

Shareholders expressed delight and commendation for Afriland’s outstanding financial performance, reaffirming their confidence in the company’s leadership and strategic direction.

National coordinator, Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude urged Afriland’s 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.

Managing director/CEO of Afriland Properties Plc, 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,” Oshogwe remarked.

Afriland Properties Plc continues to set the pace in the real estate industry, leveraging its expertise and extensive experience to unlock new opportunities and create value for its stakeholders.