Afriland Posts N1.8bn Pre-tax Profit In 2022

Afriland Properties Plc has declared a profit before tax of N1.8 billion in its audited financial results for the year ended December 31, 2022.

The company’s financial results showed impressive performance across major indices. Revenue grew 19 per cent to N1.9 billion from N1.6 billion in 2021. Additionally, its total assets increased by 12 per cent to N19.4 billion from N17.3 billion in 2021.

In keeping with tradition, the real estate company is proposing a dividend of 10 kobo per ordinary share for the financial year ending December 31, 2022, amounting to a dividend payment of N137.4 million, if ratified by shareholders at the company’s upcoming annual general meeting(AGM).

The managing director/CEO of Afriland Properties, Uzo Oshogwe, said the company will continue to deliver quality projects and services to its shareholders regardless of adverse economic factors.

According to her, despite a significant increase in the cost of development, mainly due to the astronomical rise in the cost of building materials, Afriland will continue to build upon its five-year strategic plan which will drive the completion of numerous developments across the country.

“We will increase the number of our commercial and residential developments and significantly upscale our activities in the project management, facilities management, and property management space. Our goal is to deliver superior returns to our shareholders and enhance our brand.” she stressed.

Sheding light on the company’s plan to leverage data in its expansion drive, Oshogwe said: “we intend to take advantage of the upcoming National Population and Housing Census to ensure that our policies are structured towards maximizing opportunities made available by the exercise.”

She also pointed out that Afriland Properties was open to strategic partnerships that would optimize its property portfolio and improve rental yield on performing assets.

Afriland Properties Plc is a property management, investment, and development company, offering end-to-end services across the real estate value chain, from management to joint-venture investments.