By Dipo Olowookere
Shareholders of a firm promoted by UACN Property Development Company Plc, UPDC Real Estate Investment Trust Plc, are gathering today for their Annual General Meeting (AGM).
The meeting is taking place at the popular NEM House on Ikorodu Road, around Obanikoro, Lagos and will have in attendance the board of directors as well as the top management staff.
UPDC Real Estate Investment Trust, a company listed on the Nigerian Stock Exchange (NSE), is a real estate investment trust, which invests in the property market in Nigeria.
The company was established in 2013 and as at the close of business yesterday, shares of the firm were traded on the exchange at N4.45 per unit after going down by 45 kobo or 9.18 percent.
Business Post reports that in its 2018 financial year, the company recorded a profit before and after tax of N2.7 billion, higher than N2.2 billion in the 2017 fiscal year.
The operating expenses went down to N407.9 million from N429.4 million, while the net income increased to N3.1 billion from N2.6 billion, with the earnings per share rising to 99 kobo from 83 kobo.
According to the company, it realized N1.3 billion as rental income in the 2018 FY, higher than N1.1 billion in FY 2017, with the other income reducing to N1.2 million from N85.4 million.
At the AGM today, which was scheduled to kick off by 10am, the board would present the 2019 results and performance of the company to shareholders. The board will also use the opportunity to tell the investors how the company hopes to perform in the present fiscal year.
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