By Ephraim Oseji

HEREL Limited, a leading real estate and hospitality firm, has reported a staggering 702% increase in profit before tax, reaching ₦3.04 billion in 2024, as it unveiled strategic expansion plans during its 3rd Annual General Meeting (AGM) held on June 27, 2025.

The sharp rise in profitability was primarily attributed to a ₦5.62 billion fair value gain and operational efficiency improvements across its real estate and hospitality portfolios. Gross revenue for the year surged to ₦17.38 billion, up from ₦6.93 billion in 2023, a 151% year-on-year increase. Net profit after tax soared to ₦2.35 billion, compared to ₦182 million recorded the previous year.

Despite the record performance, shareholders will not receive dividends, as the company announced that retained earnings would be reinvested into ongoing and future capital-intensive projects.

Addressing stakeholders, Board Chairman Mr. Kelvin Orogun described 2024 as a “pivotal year” for HEREL, underscoring the company’s resilience, strong leadership, and strategic clarity.

According to him, “These achievements are not just financial marker. They reflect the quality of our leadership, the resilience of our strategy, and the confidence of our stakeholders. We are entering 2025 with a strong foundation and a renewed commitment to delivering excellence.”

HEREL also underwent a significant balance sheet restructuring through a debt-to-equity conversion via a rights issue. This reduced the company’s total liabilities by 36% and increased shareholder equity by 48%. Total assets rose 7%, largely driven by increased receivables from high-value property sales.
Managing Director Mrs. Chioma Esike reinforced HEREL’s commitment to elevating lifestyle experiences through premium real estate and hospitality services.
“Our strong financial performance is a testament to our team’s dedication and our strategic execution,” she said. “Beyond the numbers, we’re delivering spaces that inspire and experiences that enrich lives.”
Esike highlighted progress on key residential projects including Aqua Point, Prestige at Hampton, and Banana Island, all of which feature premium 5-bedroom luxury units. She also spotlighted HEREL’s hospitality ventures:
HEREL Play in Ikoyi has rapidly gained popularity as a lifestyle destination, offering leisure amenities such as a swimming pool, event spaces, and lounges.
Boardroom Apartments in Ikate Lekki continues to serve as a boutique hospitality destination, with 16 well-appointed units, a rooftop restaurant, spa, café, and professional meeting facilities.
“These developments not only strengthen our position in the hospitality sector,” Esike noted, “but also reinforce our promise to deliver elegance, comfort, and functionality in every space we create.”
Looking ahead, HEREL revealed bold projections for 2025, forecasting another leap in profitability, over 500% growth, driven by pricing optimization, efficient project delivery, and robust reinvestment strategies.
The company also announced preliminary efforts to scale globally, with exploratory partnerships underway in South Africa, Ghana, and the United Kingdom.
With strong financials, an expanding footprint, and a renewed growth agenda, HEREL Limited is positioning itself as a transformative force in the African and global real estate and hospitality landscape.