By NKIRUKA NNOROM

UACN Property Development Company, UPDC, said it will take advantage of the 17 million housing deficit in the country to enhance its business and grow profitability within the year.

Chairman, UPDC, Mr Larry Ettah, who made the declaration at the company’s annual general meeting in Lagos, said, “The real estate business continues to be attractive with the huge housing deficit of about 17 million units, the growing population and the emerging middle class.

“Partnership opportunities are also emerging across different segments of the market and your company is poised to take advantage of them.”

He announced that an impressive surge was recorded in the revenue in 2012 from N6.78 billion in 2011 to N12.04 billion, a 78 percent increase.

Profit before tax for the year was N2.45 billion as against N2.39 billion in 2011, while profit after tax before non-controlling interests rose from N1.07 billion in 2011 to N2.18 billion, indicating an increase of 31 per cent.

Following the performance, a dividend of N962.5 million, representing 70 kobo per ordinary share was declared at the meeting.

Ettah pointed out that in spite of the seeming glut in the luxury market, rents and sale prices for high-end apartments remained quite high while in the commercial segment, headline rents in Lagos ranked among the highest in the world.

“International operators continue to express a strong desire to expand their foot prints in the Nigerian market, as significant demand/supply imbalance exists for quality hotel accommodation. The retail segment is primed for a major revolution with several mall developments under way in key metropolitan cities of Nigeria.”

He listed the progress made by the company on building development to include the completion of the 55-unit Metro Gardens in Lekki and the 18-unit Grandville in GRA, Ikeja; the commencement of development of 90-unit Vintage Gardens, Port Harcourt and the remarkable progress recorded in the construction of the 32-unit Cameron Green luxury development in Ikoyi and Phase 1 of UPDC Metro City Dutse, Abuja.