Afriland Properties’ profit rose by 58 per cent – Financial report

The Chairman of Afriland, Emmanuel Nnorom, revealed that Afriland  Properties’ profit rose by 58 per cent in the 2021 financial period.

Mr Nnorom discloses this during its ninth annual general meeting while presenting its 2021 annual report and financial statement in Lagos.

At the event which was also held virtually, he said, “In spite of the challenging business environment, the company recorded strong operating performance in revenue and profit.

“Revenue grew by eight per cent to N1.99bn as opposed to N1.85bn recorded in the 2020 financial year.

“The profit before tax performance of N1.6bn showed a 58 per cent increase in the year as against N1.01bn recorded in prior year.”

He also said the total assets of the company ended 31 December 2021 were N17.3bn from N27.1bn in 2020.

In view of the outstanding performance in the year, he said the board of directors proposed N137.39m as dividend payment for the year ended 2021, which translated to 10 kobo per ordinary share.

The Managing Director/ Chief Executive Officer, Uzoamaka Aoshogwe, speaking on the company said, “Our performance for the year ended 31 December 2021, has been nothing but exhilarating and commendable amidst the challenges posed by the uneven recovery in various sector across the globe.”

During the year, she said, it completed the construction of some clients’ business projects located nationwide while proprietary projects that commenced in the year were at various stages of completion.

“We will continually reiterate our resolve to achieve the company’s set vision to be Africa’s leading real estate company that creates long-term value for all stakeholders,” she said.

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