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🇳🇬 Nigeria /Economy & Trade

Afriland Properties Shareholders Approve N329.7 Million Dividend Payout

From ThisDay · (11m ago) English Positive tone

Translated from English, summarized and contextualized by DistantNews.

TLDR

  • Shareholders of Afriland Properties Plc approved a dividend payout of N329.7 million for the financial year ending December 31, 2025.
  • The company reported a 12% growth in gross profit to N3.51 billion and an 8% revenue growth to N4.07 billion despite macroeconomic challenges.
  • Total assets grew by 33% to N65 billion, though profit before tax declined by 29% due to increased deferred tax liabilities.

Shareholders of Afriland Properties Plc have given the green light for a substantial dividend payout of N329.7 million, reflecting the company's resilience and commitment to rewarding its investors. This approval, granted at the 13th Annual General Meeting, underscores the company's steady performance amidst a challenging macroeconomic environment.

This reflects steady growth in spite of macroeconomic constraints. During the year, we commenced nine new projects, completed 18 projects carried over from previous years, and we have 12 projects at various stages of completion across different locations nationwide.

— Mr Emmanuel NnoromThe Chairman of Afriland Properties highlighted the company's project development activities and revenue growth despite economic challenges.

Despite prevailing economic headwinds, Afriland Properties demonstrated robust growth in key financial metrics. Gross profit surged by 12% to N3.51 billion, while revenue saw an 8% increase, reaching N4.07 billion. This growth trajectory is attributed to the commencement of nine new projects, the completion of 18 carried-over projects, and the ongoing development of 12 others across various locations nationwide. The company's chairman, Mr. Emmanuel Nnorom, highlighted this performance as a testament to sound governance and disciplined stewardship.

This reflects the company’s commitment to delivering value to its shareholders.

— Mr Emmanuel NnoromThe Chairman explained that the dividend payout demonstrates the company's dedication to shareholder value.

While the company's total assets experienced a significant 33% year-on-year increase to N65 billion, driven by sustained investments in property development and fair value gains, profit before tax saw a 29% decline. This dip was primarily caused by increased deferred tax liabilities stemming from upward adjustments in capital gains tax. Nevertheless, shareholders' funds recorded a steady 3% rise, reinforcing the company's strong balance sheet and its strategic positioning for future opportunities within the real estate sector.

This notable increase was primarily driven by sustained investments in the development of new properties, as well as fair value gains realised on investment properties during the year.

— Mr Azubike EmodiThe Managing Director of Afriland Properties attributed the growth in total assets to investments in new properties and fair value gains.
DistantNews Editorial

Originally published by ThisDay in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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