Afriland Properties shareholders approve N343.5m dividend
The shareholders of Afriland Properties Plc have approved the Board’s proposal of a dividend payout of N343.5 million for the year ended December 31, 2023, amounting to 25kobo per share payout.
The dividends declared also represented a substantial 150 percent increase over N137.4 million paid in the previous year in 2022.
Giving the approval at the company’s 11th Annual General Meeting (AGM) which held virtually, the shareholders expressed delight and commendation for Afriland’s outstanding financial performance, reaffirming their confidence in the company’s leadership and strategic direction.
Speaking on behalf of other shareholders, Moses Igbrude, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), urged the Board and management not to rest on their oars to ensure that the company continues to post good financial performances and reward shareholders with worthy dividends.
The company had reported a remarkable 150 percent increase in total revenue to N4.72 billion compared to N1.89 billion in the previous year, while its Profit Before Tax (PBT) grew to N2.41 billion from N1.80 billion in 2022, representing a 34 percent increase over the period.
The company’s total assets also grew by 76 percent to N34.07 billion from N19.38 billion in 2022.
Addressing shareholders at the meeting, Emmanuel Nnorom, Chairman, Afriland Properties Plc, said that the remarkable growth achieved in the financial year 2023 reflects the company’s commitment to creating value for all stakeholders.
He added that the financial performance also “underscores the dedication of our management team and the unwavering support of our shareholders.”
“The increasing demand for luxury residential and commercial properties, especially in key cities like Lagos and Abuja, fueled by population expansion and the demand for varied housing options presents your company with the opportunity to delve deeper into the potential opportunities embedded within the challenges in the real estate sector, turning the adversities around to generate wealth or our shareholders,” he added.
Managing Director/CEO of Afriland Properties Plc, Uzo Oshogwe, highlighted the completion of the company’s proprietary projects as one of the impressive financial performances, while sharing plans to further diversify its development portfolio in the current year.
“In line with our growth strategy, Afriland Properties Plc plans to commence the construction and equally commission several landmark projects in the coming years in Lagos, Abuja, and Port Harcourt. Notable among these projects is Afriland Estate, a fully residential estate in Abuja, further solidifying our position as a market leader in the real estate sector. Afriland Properties remains dedicated to creating sustainable communities and enhancing shareholder value through its strategic investments and operational excellence”
