By Nkiruka Nnorom
Shareholders of Afriland Properties Plc have approved N137.39 million dividend, which translates to 10 kobo per share, earlier recommended by the Board of Directors for the year ended December 31, 2021.
They gave the approval at the company’s 9th Annual General Meeting (AGM) in Lagos.
Addressing shareholders at the meeting, the chairman, Mr. Émmanuel Nnorom, said the company’s focus is to ensure that adequate return is delivered to its shareholders, while still growing its retained earnings.
He expressed optimism that Afriland Properties would continue to deliver improved dividends going forward.
Laying the company’s performance for the year before the shareholders, Nnorom noted that the company commenced and completed 22 clients projects in 2021 while 31 are at various stages of completion across different locations in the country.
He said the company recorded a strong operating performance in revenue and profit, growing its revenue by eight percent to N1.99 billion from N1.85 billion in 2020, while its Profit Before Tax (PBT) rose to N1.60 billion from N1.01 billion, representing a 58 percent increase.
Meanwhile, shareholders at the meeting commended the board and management for the outstanding financial performance, saying it signals stability in the company.
Speaking, Sir Sunny Nwosu, former National Coordinator, Independent Shareholders Association of Nigeria (ISAN) enjoined the company to continue to engage the government on the possibility of providing funding intervention and allocating a portion of its annual budgets to the real sector in a bid to close the housing gap in the country.
He also enjoined the company to consider accessing funds through the debt capital market for its operations, saying that it would drive down the cost of its properties and enable more patronage from customers.
Also speaking, Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria (PSAN), said it is imperative for the company to venture into low cost buildings to allow more middle class citizens access its services and offerings in order to raise its rental income.
In her remarks, Uzoamaka Oshogwe, CEO, Afriland Properties Plc, said: “As a company, we are positioned to take advantage of government policy direction and optimise future rental income from our proprietary properties. We will continue with the aggressive development of our residential and commercial projects with a view to maximising shareholders’ wealth.”