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Afriland Properties shareholders endorse N343.5m dividend

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Shareholders of Afriland Properties Plc. have unanimously endorsed a total dividend of N343.5 million for the financial year ended Dec. 31, 2023.The shareholders gave the approval at the company’s 11th Annual General Meeting on Tuesday in Lagos.

The dividend translated to 25k per share, representing an increase  of 150 per cent when compared with 10k paid in 2022.

At the meeting, Mr Emmanuel Nnorom, the company’s Chairman of Board of Directors, assured the shareholders of higher returns in the years ahead.

Nnorom told the shareholders that the company settled for 25k per share dividend in order to retain funds for future investment.

He said the company would explore opportunities in the sector to unlock its full potential to pave the way for long-term growth and development.

Nnorom said the company, during the period under review, completed the development of its residential proprietary projects situated on  Oba Oyekan Avenue in Ikoyi, Lagos State, and on Aromire Avenue in Ikeja.

“We also completed our commercial development offering retail spaces and offices, Afriland Complex in the Abule-Egba area of Lagos State,” Nnorom said.

On future projects, he expressed the company’s commitment to harnessing state-of-art technologies to elevate the design, construction and administration of projects.

He said that the company, during the period under review, generated a revenue of N4.72 billion compared with N1.89 billion it achieved in the comparative period of 2022, indicating an increase of 150 per cent.

The chairman attributed the growth to gains arising from  disposal of proprietary apartments developed and completed within the year.

He said that the company’s profit before tax rose to N2.41 billion from N1.80 billion posted in 2022, representing an increase of 34 per cent.

According to him, the company’s total assets amounted to N34.07 billion, reflecting a growth of 76 per cent compared to N19.38 billion recorded in the preceding year.

Mrs Uzoamaka Oshogwe, the company’s Managing Director/Chief Executive Officer, said at the event that it would take advantage of the Federal Government and subnational policies geared toward providing housing to the citizens.

Oshogwe, who praised the shareholders for  support and confidence assured them of enhanced performance in the future.

She said the company would continue to explore the possibility of partnering with any reputable organisation to optimise its property portfolio and improve the rental yield on performing assets.

“We are committed to leveraging on viable opportunities to drive sustainable growth for the company despite the harsh operating environment,” she said.

Oshogwe added that the company would remain committed to sustainable real estate development goals through strategies aimed at incorporating environmental-friendly designs techniques, materials and technologies into the building process.

Mrs Bisi Bakare, the National Coordinator of Pragmatic Shareholders Association of Nigeria, praised the company for the dividend declared.

Bakare also lauded the company for being one of the largest property companies in the country.

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