Categories: Business

Afriland declares N1.6bn gross earnings as shareholders approve N137.4m dividend payout

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3 years ago

AFRILAND Properties Plc has reported an upward trend for the financial year ending December 31, 2021, just as shareholders approved N137.4 million dividend payout.

Notwithstanding the challenging business environment, the real-estate firm saw a 15 per cent increase in revenue, declaring a total revenue of N1.626 billion from the total revenue of N1.413 billion earned during the corresponding period of 2020.

The financials of the company were presented by the directors of the company at its 9th Annual General Meeting which took place at the multi-purpose auditorium of Afriland Towers, the Company’s Head Office in Marina, Lagos. During the meeting, the shareholders also approved the Board’s proposal to pay a sum of N137.4million as dividends, translating to 10 kobo per share, an increase of 100 per cent from the corresponding year’s dividend of 5 kobo per share.

In his opening remarks, Chairman of Afriland Properties Plc, Emmanuel Nnorom, stated the company’s commitment to creating value and meeting shareholder expectations.

Mr Nnorom said, “Enhancing stakeholder value and maximising return for shareholders remain top priorities for Afriland Properties Plc. We are committed to meeting these goals. The 15 per cent increase in our revenue under the prevailing economic situation is indicative of our efforts at ensuring operational efficiency across our assets and services. Each shareholder will receive 10 kobo per ordinary share held as of the qualifying date, translating to N137.4 million total dividend.

“We are working with the management team to ensure that the company delivers on its promises and targets as part of our pursuit of continuous business growth and excellent financial performance.”

Managing Director/Chief Executive Officer of Afriland Properties Plc, Uzo Oshogwe lauded the company’s efforts in the past year, citing resilience as one of the key factors driving Afriland forward.

“The past few years have presented a fair share of challenges. Despite strong headwinds, we remained resilient to record significant milestones. The Heirs Towers stands tall and resplendent on Ajose Adeogun, Victoria Island, and the completion of our Multipurpose Complex in Egbeda represents a further demonstration of our craftsmanship as master builders.

As real estate consultants to one of the largest banks in Africa and a host of other world-class organisations, we work diligently to ensure the consistent delivery of quality services to all our clients who depend on us to fulfil their real estate-related plans,” Oshogwe said.

The real estate Chief Executive also spoke on the company’s efforts to sustain growth and drive profitability in the future.

“An integral part of our strategy as we enter this phase of our growth is our diverse range of products targeted at different segments of the market. We have commenced construction on five signature projects across Lagos, Abuja and Port-Harcourt that will address these different segments.

As a socially responsible company, we are conscious of the effect of our activities on the environment. Consequently, we are focused on increasing efficiency and reducing emissions to ensure sustainability across the value chain.

“We urge you to continue in your unwavering support as we continue to create value as an organisation that we can all be proud of.”

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