Afriland Properties Shareholders Approve N865.5m Dividend Payout

Shareholders of Afriland Properties Plc, have approved N865.5 million dividend payout, representing 63 kobo per ordinary share proposed by the Company for the year ended December 31, 2024.

The shareholders gave their approval at the company’s 12th Annual General Meeting (AGM) held virtually at the weekend in Lagos.

For the financial year ended December 31, 2024, the company recorded a profit before tax of N3.7 billion, representing a 53 per cent increase from the N2.41 billion reported in the previous year. Profit after tax also rose by 51 per cent to N2.6 billion, while operating profit climbed by 47 per cent to N3.5 billion, reflecting sustained momentum in project development, project management, rental income, and revaluation gains on investment properties.

Chairman of the Board, Afriland Properties, Emmanuel Nnorom, described the company’s performance as a reflection of strategic clarity and execution discipline.

“Afriland’s exceptional 2024 financial year was driven by deliberate execution and disciplined growth. These results speak to the strategic initiatives implemented throughout the year and the relentless efforts of our management team. We scaled operations across core business areas, enhanced asset value, and delivered meaningful returns despite macroeconomic headwinds. This performance underscores our commitment to shareholder value and long-term sustainability,” he said.

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The managing director/CEO of Afriland Properties, Azubike Emodi, attributed the strong performance to operational efficiency and team excellence while expressing confidence in the company’s future direction.

He stated that “these numbers clearly demonstrate the strength of our business model and the dedication of our team. We are sharpening our execution, accelerating project turnaround, and deepening market relevance through smart, scalable developments.”

Speaking on the Company’s strategic priorities for 2025, Emodi stated that “as a company, we will continue to seek partnerships with reputable organisations to optimize our property portfolio and enhance rental yields on performing assets.”

He added that the company is well-positioned to leverage the federal government and subnational policies aimed at providing housing for citizens.

Meanwhile, shareholders at the AGM expressed satisfaction with the company’s outstanding results and the significantly enhanced dividend payout.

They commended Afriland’s execution of key developments and welcomed the appointment of Emodi as the Company’s new managing director/CEO, expressing confidence in his ability to steer the company into its next growth phase.

Afriland Properties is a property management, investment, and development company offering end-to-end services across the real estate value chain, improving lives by investing in the development, management, and maintenance of world-class Real Estate offerings across Africa. With a portfolio size of over N20 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.