Purple Real Estate Posts N410.2m Pre-Tax Profit In H1

Purple Real Estate Income Plc, has declared profit before tax of N410.2 million in its unaudited results for the half year ended June 30, 2022.

The company’s results showed that the pre-tax profit grew by 133.47 per cent from N175.7 million in H1, 2021 to N410.2 million in H1, 2021.

Meanwhile, the board of management proposed an interim dividend of six kobo per share.

Cost of sales slightly declined to N2 billion from N20.8 million in H1, 2021, while gross profit up by 141.7 pe cent to N1.3 billion, compared to N584.7 million in 2021

Other income declined by 56.4 per cent to N43.0 million year-on-year as against N98.5 million, while operating profit stood at N732.7 million, up by 281.2 per cent to N192.2 million in 2021.
Total assets of the Company amounted to N30.1 billion, up 14.0 per cent year-to-date as at December 2021 to N26.4 billion, while shareholders’ funds went up to N9.7 billion from N9.0 billion as at December 2021.
Speaking on the performance, the chief executive officer of Purple Real Estate Income, Mr. Laide Agboola, stated, “in the last six months, we have delivered a strong performance across all parts of our business as we continue to execute against our strategy.
“Our Nano, Urban, and Macro projects have been a significant differentiator for us, benefiting from its uniqueness as an integrated world of Residential, Hospitality, Retail, Arts, Recreational and Entertainment, as well as Co-Working and Private Offices, fit to cater to the different needs of the highly diversified populace.
aged by the subscription to these developments and the impact on our top- and bottom line.”
He added that, “in June, we celebrated Purple Maryland’s sixth anniversary, and we are optimistic about the progress we have made, and the value delivered through the mall. Looking forward, we will continue to align our business to growth and value.”
On outlook, the company said, it intends to continue to drive the expansion of its Real Estate Investment Company (REICO) platform via development and acquisition across residential, hospitality, student accommodation, office and private offices, retail, entertainment, advertising amongst other
“Leverage technology to develop a tech-powered real estate and financial services business, to create a unique ecosystem of interconnected products in the cloud and offline and maximise modern and smarter marketing platforms especially social media and digital platforms, which facilitate customers’ direct access to products and services,” it pointed out.