Afriland Properties Plc has received shareholder approval to distribute a total dividend of N865.5 million, equating to 63 kobo per ordinary share for the 2024 financial year. This resolution was passed during the company’s 12th Annual General Meeting, which was held virtually in Lagos. The impressive dividend follows a strong financial performance that saw Afriland’s profit before tax grow by 53% to N3.7 billion, while profit after tax climbed by 51% to N2.6 billion. Operating profit also saw a notable increase, rising 47% to N3.5 billion, driven by gains across project development, rental income, and revaluation of investment properties.
The company’s Chairman, Emmanuel Nnorom, attributed the performance to strategic clarity and disciplined execution. He emphasized Afriland’s ability to grow across core business areas and enhance asset values despite economic challenges. Nnorom praised the management team for delivering on strategic initiatives that resulted in meaningful shareholder returns and laid a solid foundation for long-term growth. He reaffirmed Afriland’s commitment to sustainable value creation through focused development and efficient operations.
Managing Director and CEO, Azubike Emodi, credited the company’s operational efficiency and team dedication for its strong performance. He highlighted that Afriland is focused on accelerating project delivery and improving market relevance through scalable developments. Looking ahead to 2025, Emodi revealed plans to seek strategic partnerships to optimize the company’s property portfolio and improve returns on performing assets. He also noted that Afriland is well-positioned to benefit from both federal and state housing policies aimed at expanding access to affordable housing.
Shareholders welcomed the results and praised the company’s direction, expressing satisfaction with the improved dividend payout and the leadership transition to Emodi. Many voiced confidence in his vision to guide the company into its next growth phase. Afriland, known for its end-to-end real estate services, continues to grow its influence in Nigeria’s property sector with a portfolio exceeding N20 billion and one of the country’s largest land banks. The company is committed to delivering innovative, institutional-grade real estate solutions across Africa’s emerging markets.
Source: Leadership