A real estate development and management company, Afriland Properties Plc, grew its profit after tax by 51 per cent to N2.6bn at the close of the 2024 financial period.
This is as the company recorded a profit before tax of N3.7bn, representing a 53 per cent increase from the N2.41bn reported in the previous year, while operating profit appreciated by 47 per cent to N3.5bn, reflecting sustained momentum in project development, project management, rental income, and revaluation gains on investment properties.
In line with its commitment to delivering shareholder value, the board of directors has proposed a total dividend of N865.56m, equivalent to 63 kobo per ordinary share, a remarkable 152 per cent increase from the N343.5m paid out in the previous year.
At the company’s 12th Annual General Meeting, which was held virtually on Friday, the chairman of the board, Mr. Emmanuel Nnorom, described the company’s performance as a reflection of strategic clarity and execution discipline.
“Afriland’s exceptional 2024 financial year was driven by deliberate execution and disciplined growth. These results speak to the strategic initiatives implemented throughout the year and the relentless efforts of our management team. We scaled operations across core business areas, enhanced asset value, and delivered meaningful returns despite macroeconomic headwinds. This performance underscores our commitment to shareholder value and long-term sustainability,” Nnorom said.
Also commenting on the results, the Managing Director/Chief Executive Officer, Mr. Azubike Emodi, attributed the strong performance to operational efficiency and team excellence while expressing confidence in the company’s future direction.
He said, “These numbers demonstrate the strength of our business model and the dedication of our team. We are sharpening our execution, accelerating project turnaround, and deepening market relevance through smart, scalable developments.
“A prime example is Afriland Estate, Karmo, a thoughtfully designed residential community in Abuja. It embodies our capability to deliver modern, efficient, and sustainable living environments aligned with Nigeria’s evolving housing needs. As we look ahead, we’re focused on unlocking new opportunities across the real estate value chain, and our project pipeline reflects this ambition.”
Shareholders at the AGM expressed satisfaction with the company’s outstanding results and the significantly enhanced dividend payout. They commended Afriland’s execution of key developments and warmly welcomed the appointment of Mr Emodi as the new Managing Director/CEO, expressing confidence in his ability to steer the company into its next growth phase.
