By Goddy Egene
The Managing Director of Afriland Properties Plc, Uzoamak Oshogwe, yesterday assured shareholders of better performance, saying the company was ploughing back most of its earnings to be able to generate more profits and deliver better returns.
Speaking at the company’s 8th annual general meeting (AGM) yesterday in Lagos, the MD said the company would continue to explore more ways to ensure that the business remains profitable.
She said: “During the year under review, we commenced and completed the construction of some offices nationwide while significant progress was made on other non-proprietary projects 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 maximizing shareholders wealth.”
In his address, Chairman, Afriland Properties Plc, Emmanuel Nnorom, said the pandemic and the resultant lockdown also took a turn on its business activities.
He 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.” The company had over 41 projects in different locations in the country and at various stages of completion.”
He said although the performance was affected by the events in the larger economy, the company further strengthen its balance sheets and business model this year by tapping into the opportunities that will be created in the building and construction sector.
According to him, Afriland Properties recorded a revenue of N1.42 billion, profit before tax stood at N1billion, while total assets rose to N27.07billion representing an increase of nine per cent as against the N24. 86billion recorded in 2019. The board recorded a dividend of N68. 695 million dividend (five kobo per share), which was commended and approved by the shareholders.
A shareholder, Sir Sunny Nwosu, hailed the management of the company for keeping up with activities despite the Covid-19 pandemic.
He also commended Afriland’s efforts at increasing its retained earnings and resuscitating the former Raymond House building into the iconic building.