By Adedapo Adesanya
Afriland Properties Plc has said its revenue grew by 19 per cent to N1.9 billion in the 2022 financial period from N1.6 billion in 2021.
This is as its total assets increased by 12 per cent to N19.4 billion in the period under review from the N17.3 billion achieved in 2021, the firm said in its audited financial results for the year ended December 31, 2022.
To reward its shareholders, the company has proposed to pay a dividend of 10 Kobo for the year, amounting to a total of N137.4 million.
“In keeping with tradition, the real estate company is proposing a dividend of 10 Kobo per ordinary share for the financial year ending December 31, 2022, amounting to a dividend payment of N137.4 million, if ratified by shareholders at the company’s upcoming annual general meeting,” it stated.
Speaking on the result, the Managing Director/Chief Executive Officer of Afriland Properties Plc, Mrs Uzo Oshogwe, said the company would continue to deliver quality projects and services to its shareholders regardless of adverse economic factors.
She said, “Despite a significant increase in the cost of development, mainly due to the astronomical rise in the cost of building materials, Afriland will continue to build upon its five-year strategic plan, which will drive the completion of numerous developments across the country.
“We will increase the number of our commercial and residential developments and significantly upscale our activities in the project management, facilities management, and property management space. Our goal is to deliver superior returns to our shareholders and enhance our brand.”
She disclosed the company’s plan to leverage data in its expansion drive.
“We intend to take advantage of the upcoming national population and housing census to ensure that our policies are structured towards maximising opportunities made available by the exercise,” she said.
The company stocks were selling flat at N2.16 on Wednesday as of press time.
