Afriland Properties Reports N1.02bn Profit

Afriland Properties Plc has reported a profit after tax of N1.02bn for the year ended, December 31, 2017, representing 233 per cent increase compared to N307m reported in the corresponding period of 2016.

The firm’s total assets for the year under review stood at N19.8bn which represents 17.9 per cent increase over N16.8bn recorded in 2016.

It revealed this at its fifth Annual General Meeting held in Lagos on Tuesday. The shareholders also approved the Board of Directors’ proposal to pay a sum of N137.39m as dividend, translating to 10 kobo per ordinary share.

For the financial year ended 2017, Afriland Properties also recorded 11 per cent growth in revenue from N1.1bn in 2016 to N1.3bn, while profit before tax increased by 96 per cent to N1.06bn from N0.540bn in 2016 financial year.

In her address, the Managing Director/Chief Executive Officer, Afriland Properties Plc, Mrs. Uzo Oshogwe, stated that, “Though the year under review was a period of unprecedented challenges and profound economic instability, our company was steadfast in our delivery and dedication to our clients while earning a good return for our shareholders. Our teamwork and intense focus reflects in the strong performance across our businesses.

“Our purpose to improve lives by investing in the development, management and maintenance of world-class Real Estate offerings across Africa, remains a driving force and we would continue to build our capabilities and investments in our people, systems and products.”

Source: Punch

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