WorldStage Newsonline– Afriland Properties Plc has achieved a profit after tax of N2.6 billion in 2024, representing 51 per cent increase from N1.73 billion recorded in 2023.
Mr Emmanuel Nnorom, the Chairman of Afriland Properties disclosed during the 12th Annual General Meeting of the company in Lagos on Friday that the company’s profit before tax also grew by 53 per cent to N3.70 billion from N2.4 billion posted in 2023.
Nnorom said that the Board of Directors had proposed N865 million dividend payment for 2024, translating to 63 kobo per ordinary share.
Although, the company had earlier paid an interim dividend of N178 million in the year, which also translated to 13k per share.
According to him, the proposed dividend is 152 per cent higher than N343.5 million paid in the previous year.
“Despite the harsh business environment experienced in 2024, your company recorded an operating profit of N3.5 billion for 2024. This represents a 47 per cent increase above what was achieved in 2023.
“This is attributable to increased level of activities in project development, project management and increased rental income and re-valuation.
“The year 2024 has demonstrated our resilience and adaptability, and we remain committed to fostering sustainable growth and excellence in the real estate sector.
“Looking ahead, we are optimistic about the opportunities that 2025 holds. By staying true to our values of enterprise, execution, and excellence, we will continue to deliver value to all stakeholders,” he said.
Reacting to the decline in 2024 revenue, which dropped from N4.71 billion in 2023 to N3.75 billion in 2024, Nnorom attributed it to the company’s inability to dispose some properties.
According to him, some units of these properties are not fully ready.
He said, “During the year, the company initiated 34 projects with 10 of the projects completed at year end, while 24 are at various stages of completion across different locations in the country.”
Also speaking further on the company’s performance, Mr Azubike Emodi, the Chief Executive Officer of Afriland Properties, assured shareholders of growth generally, especially in dividend payment for the current year.
Emodi noted that the company recorded earnings per share of N1.90, refecting 51 per cent increase when compared to N1.26 paid in 2023.
He explained that the company’s total assets rose by 43 per cent, year-on-year, to N49 billion in 2024 as against N34 billion recorded in 2023.
“This growth was driven by the acquisition of new properties, fair value gains on investment properties, and a rise in the share price of the company’s equity investment.
“Shareholders’ funds rose significantly by 43 per cent to N34.93 bilion in 2024 when compared to N24.49 billion in 2023.
“This growth was driven by proft after tax for the year and gains from equity investments,” he said.
Shareholders took turns to commend the management of the company upon the announcement of the company’s 2024 financial year report
A shareholder, Mr Adewale Oyenuga, urged the company to ensure gender balance, saying only nine female were currently involved in the company’s managerial positions.
Mr Moses Onyeka commended the company for the profit and dividends declared for the 2024 financial year.
Also, Mr Gafar Ololade commended the company’s outgoing managing director, Ms Uzoamaka Oshogwe, for her outstanding performance and focus on upscaling corporate social responsibility activities.
Another shareholder, Mr Balogun Okelana, expressed his admiration for Nnorom’s leadership qualities and for being accessible to shareholders and stakeholders.
He described the company as being dividend-friendly.
