Purple real estate reports 385.4% growth in gross earnings

Purple Real Estate Income Plc (Purple Group) has announced its audited results for the full year ended 31 December 2022.

According to a statement, in the Consolidated Statement of Profit or Loss, Purple reported gross earnings of N20.4 billion for the full year ended 31 December 2022, having significantly increased went up 385.4per cent year-on-year from N4.2 billion in the corresponding period of 2021: Net revenue, which stood at N2.4 billion, represented 36.5 per cent year-on-year over N1.8 billion of 2021:

 Also, Purple recorded total other income of N14.5 billion, up by astronomical 853.8 per cent year-on-year over the full year 2021’s N1.5 billion.

Besides, operating income was N16.9 billion, up by 411.6 per cent year-on-year from  N3.3 billion in 2021: “Total expenses of N2.2 billion, up by 22.5per cent year-on-year to (FY 2021: N1.8 billion); profit before income tax of N14.7 billion, up by 873.5per cent year-on-year (FY 2021: N1.5 billion); profit after tax of N13.1 billion, up by 895.9per cent year-on-year (FY 2021: N1.3 billion).” The statement noted.

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Group completed its listing on NASD as a Real Estate Company on 23 March 2023 with SDPURPLERE as the NASD Ticker.

Commenting on the performance, the Chief Executive Officer, Mr. Laide Agboola, stated: “In 2022, Purple Group continued to make operational and financial progress in support of our differentiated strategies. Operationally, the business consistently tweaked its structures to adapt and address various macroeconomic shocks.”