Afriland records N1bn, to pay N68m dividends

Shareholders of Afriland Properties Plc have ratified the N68.7 million recommended by the company’s directors as dividend after recording N1 billion profit last year.

The dividend, translating to 5k per share was approved by the shareholders during the company’s 8th Annual General Meeting in Lagos on Monday, 22nd March 2021.

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A shareholder, Sir Sunny Nwosu, commended the management of the company for keeping up with activities despite the COVID-19 pandemic and its resultant effect on major businesses.

Another shareholder, Bisi Bakare, said the business kept busy during the peak of the pandemic, as it recorded the completion of several projects.

Chairman, Afriland Properties, Emmanuel Nnorom, said the real estate industry was affected negatively by the pandemic, and public places shut down mostly last year.

He also said the company has over 41 projects in different locations in the country and at various stages of completion as of December 2020.

“Our performance during the year was affected by the events in the larger economy, however, we will further strengthen our balance sheets and business model this year by tapping into the opportunities that will be created in the building and construction sector,” Nnorom said.

The company recorded N1.42 billion, representing a marginal four per cent reduction from N1.48bn achieved in 2019. Profit before tax stood at N1bn against the N1.3bn in 2019. Total assets were N27.07bn representing 9% rise over N24.86bn in 2019.

Afriland’s Chief Executive Officer, Uzoamaka Oshogwe, at the meeting, said the company was ploughing back most of its funds to be able to generate more profits.

“We will continue to explore the possibility of partnering with reputable organizations with a view to optimizing our property portfolio and thus delivering superior value to shareholders.”