Ibukun: Wemabod Demonstrated Remarkable Resilience in 2023FY

The Chairman of Wemabod Limited, Efuntayo Ibukun has stated that amid harsh conditions, the company demonstrated remarkable resilience in its 2023 financial year and has continued its upward trajectory.

Speaking at the company’s 50th Annual General Meeting (AGM) in Lagos, he noted that the management is committed to excellence in real estate development and positioned to become a leader in the real estate industry.

“This resilience is a testament to the quality of leadership, our strategic planning, robust operational framework, and the unwavering dedication of our team,” he said.

He disclosed that Wemabod Limited achieved a profit before tax (PBT) of N1.3 billion in comparison to its 2023 budget of about N423 million.

The management proposed a dividend payment of N42.4 million to its shareholders, translating to N1.63k dividend per share.

He added, “we have taken proactive measures to adapt and thrive. Analysts project that the value of global investable real estate will grow by an average of 5.2per cent annually over the next 20 years. This long-term optimism reaffirms the attractiveness of real estate investments, despite current macroeconomic shocks and political uncertainties.”

On future outlook, the Chairman stated that, “Looking ahead, there are encouraging signs of optimism as the growth outlook has improved across all regions.

“Policymakers, businesses, and households continue to face challenges, including persistent inflationary pressures and stricter financial conditions. However, with the recent election of President Bola Tinubu and his proactive measures, such as the removal of subsidies and the unification of forex, investor confidence is on the rise. We are optimistic that the real estate sector will thrive, and that the economy will achieve its projected growth rate of 5.2per cent in 2024.”

The outgoing MD/CEO Wemabod Limited, Mr. Yemi Ejidiran said the company delivered strong 2023 results, driven by key fundamentals of its accounts.

“Our financial performance reflects our unwavering focus on operational excellence, prudent financial management, and strategic investments that have yielded positive returns for our shareholders notwithstanding the inclement economic clime,” he said.

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