Purple Real Estate Posts N1.5bn Pre-tax Profit In 9 Months

Purple Real Estate Income Plc has declared a profit before tax of N1.5 billion in its unaudited results for the nine months ended September 30, 2022.

The company’s results revealed that pre-tax profit grew by 650.1 per cent from N198.2 million in September 2021 to N1.5 billion under the period reviewed.

The profit after tax stood at N1.3 billion up 552.7 per cent year-on-year, compared to N198.1 million in 2021, and the growth was due to an increase in gross earnings which resulted from higher activity levels and revenue from sales.

Gross earnings up by 207.8 per cent to N5.9 billion, from N1.9 billion, while net revenue rose by 95.9 per cent year-on-year to N2.5 billion as against N1.3 billion in 2021.

Total other income for the period stood at N63.0 million lower than N134.9 million in 2021, while total operating income grew by 81.4 per cent to N2.5 billion.

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EBITDA amounted to N2.0 billion, up by 175.0 per cent year-on-year from N738.9 million in 2021, while operating profit (or EBIT) up by 181.09 per cent from N709.1 million in 2021 to N1.9 billion in 2022.

Total assets increased by 18.3 per cent to N31.3 billion year-to-date from N26.4 billion as at December 2021, while shareholders’ funds stood at N10.0 billion compared to N9.0 billion as at full year, 2021.

Speaking on the performance, the chief executive ocer of Purple Real Estate Income , Mr Laide Agboola, stated, “the strong performance in the second quarter of 2022 has been reinforced by our third quarter’s performance, and we have maintained very good momentum in practically all of our key measures as a result.”

panded our clientele base and progressed on our core and peripheral business lines.”

He stated that it the firm is a company with multiple revenue streams spanning principal investment, financial services, private equity, real estate and lifestyle development, which blends retail, family fun, e-commerce, entertainment, food and drinks, co-working, and accommodation.

To him, “we are committed to investing heavily in the growth and improvement of our platform, leveraging technology and partnerships, and continuously enhancing the quality of service we provide to our clients to drive long-term sustainability.”