Lagos: Afriland Properties Plc has achieved a profit after tax of N2.6 billion in 2024, marking a 51 percent increase from the N1.73 billion recorded in 2023. The company’s profit before tax also rose by 53 percent to N3.70 billion, up from N2.4 billion in 2023.
According to News Agency of Nigeria, Mr. Emmanuel Nnorom, the Chairman of Afriland Properties, disclosed these figures during the 12th Annual General Meeting held in Lagos. The Board of Directors has proposed a dividend payment of N865 million for 2024, translating to 63 kobo per ordinary share. Previously, the company paid an interim dividend of N178 million, equating to 13 kobo per share. This proposed dividend is 152 percent higher than the N343.5 million paid in the previous year.
Nnorom highlighted that despite a challenging business environment, Afriland Properties recorded an operating profit of N3.5 billion for 2024, a 47 percent increase over 2023. He attributed this growth to enhanced activities in project development, project management, increased rental income, and re-valuation. He expressed optimism about the opportunities in 2025 and reaffirmed the company’s commitment to sustainable growth in the real estate sector.
During the year, Afriland Properties initiated 34 projects, completing 10 by year-end, with 24 projects at various stages across different locations in the country.
Mr. Azubike Emodi, CEO of Afriland Properties, also addressed shareholders, highlighting the company’s earnings per share of N1.90, a 51 percent increase from N1.26 in 2023. He noted that the company’s total assets rose by 43 percent year-on-year to N49 billion in 2024, driven by new property acquisitions, fair value gains on investment properties, and a rise in the share price of the company’s equity investment.
Shareholders’ funds increased by 43 percent to N34.93 billion in 2024, up from N24.49 billion in 2023, supported by profit after tax and gains from equity investments.
Shareholders commended the company’s 2024 financial performance. Mr. Adewale Oyenuga urged Afriland to ensure gender balance within its management, while Mr. Moses Onyeka praised the profits and dividends declared. Mr. Gafar Ololade lauded the outgoing managing director, Ms. Uzoamaka Oshogwe, for her performance and focus on corporate social responsibility. Mr. Balogun Okelana expressed admiration for Nnorom’s leadership and described the company as dividend-friendly.