The Board of Directors’ decision for a full-year dividend of N343.5 million for the fiscal year ending December 31, 2023, has received the support of Afriland Properties Plc shareholders.
The 11th Annual General Meeting (AGM), held virtually, was authorized by the shareholders.
In comparison to the 10 kobo per ordinary share announced in the previous year, the dividend translates to 25 kobo per ordinary share, a 150% increase in distribution.
Emmanuel Nnorom, the chairman of Afriland Properties Plc, addressed the gathering’s stakeholders and said that the company’s progress in the 2023 fiscal year was a reflection of its dedication to generating value for all parties involved.
According to him, it also shows the dedication of the management team and the unwavering support of shareholders.
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Managing Director/CEO of Afriland Properties Plc, Uzo Oshogwe, highlighted the completion of the company’s proprietary projects as one of the drivers contributing to the firm’s robust financial performance while sharing plans on further diversification of its development portfolio in the current year.
“In line with our growth strategy, Afriland Properties Plc plans to commence the construction and equally commission several landmark projects in the coming years in Lagos, Abuja, and Port Harcourt.
Notable among these projects is Afriland Estate, a fully residential estate in Abuja, further solidifying our position as a market leader in the real estate sector. Afriland Properties remains dedicated to creating sustainable communities and enhancing shareholder value through its strategic investments and operational excellence,” Oshogwe remarked.
Speaking on the financial performance, he said the company reported a 150% increase in total revenue, reaching a total of N4.72 billion, compared to N1.89 billion in the previous year.
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The company’s Profit Before Tax (PBT) also witnessed a substantial surge, standing at N2.41 billion, reflecting a 34% increase from N1.80 billion in the preceding year.
Additionally, Afriland Properties Plc saw its total assets grow by an impressive 76%, reaching N34.07 billion when compared to N19.38 billion in 2022.
Shareholders commended the company’s financial performance, reaffirming their confidence in its leadership and strategic direction.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, urged Afriland’s Board and Management not to rest on their oars to ensure that the company continues to post good financial performances and reward shareholders with worthy dividends.
