Afriland Properties Plc (formerly UBA Properties Limited) has recorded an operating income of N595 million for the year ended December 31, 2013, showing a growth of 2,495 per cent above the N22.945 million posted in 2012.
Addressing the shareholders at the annual general meeting (AGM) in Lagos, last Friday, the Chairman of Afriland Properties, Angela Adebayo, said the company achieved a profit before tax (PBT) of N424.75 million in 2013, representing an increase of 1,177 per cent above the N33.26 million recorded in 2012.
According to her, in the light of the improved performance, the board of directors proposed the sum of N100 million as dividend payment for 2013 financial year, which is 10 kobo per share.
Speaking on the company’s activities in 2013, she disclosed the merger between Afriland Properties and Heirs Real Estate Limited, where Afriland was the acquiring company, has been approved by the Securities and Exchange Commission (SEC).
“The business combination, among others, afforded Afriland Properties to look into captive and external deal flow, arising from the network and track record of the acquired company.
"For example, the redevelopment of the Falomo Shopping Mall is one of such deals arising from the business combination. It is expected the merger will also provide additional revenue streams with no duplication of functions and higher operating efficiency,” the chairman said.
The Managing Director/Chief Executive Officer of Afriland Properties, Uzoamaka Oshogwe, said since the official spin-off of the company, it worked towards achieving its business goals and objectives.
Looking ahead, Oshogwe said 2014 financial year promises to be very positive as the company is well on track to again deliver on all its set objectives.
“Our key target is to grow our revenues above the N1 billion mark with impact on increased profitability during the year. We intend to achieve these by focusing on maximising and monetising our real estate portfolio through optimised rentals and disposals,” she said.