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Afriland’s assets rise to N19.4bn –Report


Afriland propertiesAfriland Properties Plc has said its total assets increased by 12 per cent to N19.4bn in 2022 financial period from N17.3bn in 2021.

It disclosed this in a statement on its audited financial results for the year ended December 31, 2022.

The firm said its revenue grew by 19 per cent to N1.9bn in 2022 financial period from N1.6bn in 2021.

“In keeping with tradition, the real estate company is proposing a dividend of 10 kobo per ordinary share for the financial year ending December 31, 2022, amounting to a dividend payment of N137.4m, if ratified by shareholders at the company’s upcoming annual general meeting,” it stated.

The Managing Director/ Chief Executive Officer, Afriland Properties Plc, Uzo Oshogwe, said the company would continue to deliver quality projects and services to its shareholders regardless of adverse economic factors.

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She said, “Despite a significant increase in the cost of development, mainly due to the astronomical rise in the cost of building materials, Afriland will continue to build upon its five-year strategic plan which will drive the completion of numerous developments across the country.

“We will increase the number of our commercial and residential developments and significantly upscale our activities in the project management, facilities management, and property management space. Our goal is to deliver superior returns to our shareholders and enhance our brand.”

She disclosed the company’s plan to leverage data in its expansion drive.

“We intend to take advantage of the upcoming national population and housing census to ensure that our policies are structured towards maximising opportunities made available by the exercise,” she said.

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