Purple Real Estate Declares N938m Profit After Tax

Purple Real Estate Group has reported N938.1 million in its profit before tax for the half year period ended June 30, 2022.The company results showed that gross earnings stood at N4.7 billion, up 157.5 per cent year-on-year as against N1.8 billion in 2021. Net revenue rose by 57.1 per cent to N984.6 million, compared to N626.8 million in 2021, while total other income rose by 14.0 per cent to N779.8 million from N684.1 million in H1, 2021.

Net operating income grew by 34.6 per cent to N1.8 billion year on year as against N1.3 billion in 2021. EBITDA amounted to N1.3 billion, up by 30.5 per cent as against N1.0 billion in 2021, while operating profit stood at N1.3 billion, up 30.6 per cent from N991.2 million.

Profit before tax increased by 47.6 per cent to N938.1 million from N635.4 million, while profit after tax up by 39.3 per cent to N744.7 million from N543.5 million in 2021.

Total assets increased by 16.6 per cent to N30.8 billion year-to-date from N26.4 billion as at December 2021, while shareholders’ funds rose to N9.8 billion from N9.0 billion as at December 2021.

The total amount of the Interim dividend declared/proposed is N185.5 million of six kobo per share held as of March 31, 2022 for the period ended 30 June 2022.

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Speaking  on the performance, the chief executive ocer of the Company, Mr Laide Agboola stated that, “building on the momentum we achieved in 2021, we made significant progress during the first half of 2022 and reached several milestones as we expanded our client reach and developed more properties.

“This was accomplished despite a background of considerable geopolitical instability made worse by the conflict in Ukraine. This war has had a big influence on consumer spending, supply chains, overall inflation, exchange rate and energy prices.”

He said: “we remain committed to providing solutions that cater for the needs of our environment and young and vibrant population.

“The aim is to diversify our revenue streams through our real estate and lifestyle development businesses. Our focus is on strengthening growth through technology and partnerships, as well as improving our capital base. We look forward to progressing further during the year.”