Afriland Properties Plc, a property management, investment, and development company, has reported a profit before tax of N2.41 billion for the financial year 2023, marking a 34 percent increase from N1.80 billion in the preceding year.
The company’s revenue surged by 150 percent from N1.89 billion to N4.72 billion, while total assets saw a remarkable 76 percent growth, reaching N34.07 billion compared to N19.38 billion in 2022.
At its 11th Annual General Meeting held virtually, shareholders approved a dividend payout of N343.5 million for 2023, representing a 150 percent increase from the previous year’s payout of N137.4 million. Emmanuel Nnorom, Chairman of Afriland Properties Plc, attributed the remarkable growth to the company’s commitment to creating value for stakeholders and the dedication of the management team.
Managing Director/Chief Executive Officer, Uzo Oshogwe, highlighted the completion of proprietary projects as a driver of the impressive financial performance. Oshogwe also outlined plans to further diversify the company’s development portfolio in the current year.
Source: Punch