BUSINESS AND FINANCE

Afriland shareholders approve N68.69m dividend

Shareholders of Afriland Properties Plc have approved the N68.69m recommended by the company’s directors as dividend for the financial year ended December 31, 2020.

The dividend, translating to 5 kobo per share, was approved by the shareholders during the company’s eight annual general meeting in Lagos on Monday.

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The Chairman, Afriland Properties, Emmanuel Nnorom, explained that the global pandemic and the resultant lockdown also took a toll on its business activities.

He also disclosed that in the year under consideration, the company recorded a revenue of N1.42bn, 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 for the year ended 31 December 2020 was N27.07bn representing an increase of nine per cent as against the N24.86bn recorded in 2019.

The chairman said, “The real estate industry was affected negatively by the pandemic as public and private properties such as offices, apartments, hotels, sports, and entertainment venues were singled out as potential spreading locations for the novel coronavirus.

“These places were either shut down or had restrictions imposed. Several projects were commenced and completed in the year under review.

“As at 31 December 2020, the company had over 41 projects in different locations in the country and at various stages of completion.”

Nnorom also appreciated the shareholders for their commendations.

The Chief Executive Officer, Afriland, Uzoamaka Oshogwe, who also spoke at the meeting, said the company was ploughing back most of its funds to be able to generate more profits for its business and the shareholders.

She said Afriland would continue to explore more ways to ensure that the business remained profitable.

“And we have positioned your company to take advantage of government’s policy direction; optimise future rental income from our proprietary properties and to actively pursue an aggressive development of select properties for residential and commercial purposes, with a view to maximising shareholders wealth.”

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