Afriland Properties Plc grew its top-line earnings by 19 per cent to N1.9 billion in 2022 as the real estate company assured shareholders of improved returns.
Addressing shareholders at the company’s Annual General Meeting (AGM), its Chairman, Afriland Properties Plc, Emmanuel Nnorom, said the company was focused on delivering adequate returns to shareholders, while still growing its retained earnings.
He said the company recorded a strong operating performance, growing its revenue by 19 per cent to N1.9 billion from N1.6 billion in 2021, while its profit before tax rose to N1.8 billion from N1.6 billion the previous year.
The company’s total assets for the year ended December 31, 2022 equally grew by 12 per cent to N19 billion from N17.3 billion in 2021.
Managing Director, Afriland Properties Plc, Uzo Oshogwe, said having a healthy financial statement in the past year was of significance to the company.
“This year is a special one for us as we celebrate our 10th anniversary. Over the years we have remained consistent in our promise to deliver and sustain value through people and projects. Our records speak to notable achievements in the real estate sector and we have remained resilient to record significant milestones.
“In line with our growth strategy, we plan on commissioning some of our projects this year and believe they will bring real value to investors and stakeholders,” Oshogwe said.
She spoke on the company’s efforts to ensure environmental sustainability noting that as part of its sustainability efforts, it has focused on increasing efficiency and reducing emissions.
“Our steps to accomplish this include partnering with a recycling organisation to recycle our plastic waste and measure what we generate and recycle each year,” Oshogwe said.
Shareholders expressed delight about the financial performance of the company highlighting increased revenue, and earnings per share as a positive development.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude attributed the success of the company to the hard work, dedication, and purposeful leadership of the board and executive management of Afriland Properties.
Afriland Properties is a property management, investment, and development company, offering end-to-end services across the real estate value chain, from management to joint-venture investments. With a portfolio size of over N12 billion and one of the largest land banks in Nigeria, Afriland is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.