UPDC PLC, an indigenous real estate firm, has recorded N5.9 billion revenue in 2022 rising from the N825 million reported in the previous year, the Chief Executive Officer of the company, Mr. Odunayo Ojo said.
While briefing newsmen in Lagos on the company’s last year’s performance and the 2023 outlook, he stated that after six consecutive years of losses, the Group returned to profitability with a profit before tax of N331 million compared to a loss of N1.6bn in the 2021 and a total comprehensive profit of N7m as compared to a loss of over N2bn recorded in 2021.
He explained that the bulk of the revenue was generated from its real estate business.
Ojo explained that the company returned to profitability last year, saying the company has a long role to play in bridging the housing deficit in the country.
He said the 2023 outlook would see the firm investing more in meeting middle-income housing and workers’ housing needs.
“In 2023, the housing need is still there, unemployment is still an issue and buildings are still collapsing. UPDC still has a long role to play in this.
He disclosed that UPDC in December 2022, acquired a 5-Hectare Land along Monastery Road in Sangotedo, Lekki with the intent of developing a site and service scheme targeted at the middle-class.
“We pride ourselves by the quality of our products. No project we have carried out has any structural issue. We do not cut corners or compromise quality no matter how difficult or challenging it is, UPDC will always deliver quality,” he added.