The Board of Directors of Afriland Properties Plc has promised that the company would continue to grow its businesses while ensuring better returns to shareholders.
Addressing shareholders at the Annual General Meeting of the company, Chairman, Afriland Properties, Erelu Angela Adebayo said the company would be mindful of its obligations to shareholders and future business development.
“We will continue to strike a good balance between our obligations of rewarding shareholders and the need to retain earnings to finance future reinvestments in the company’s operations,” Adebayo said.
She pointed out that the 44 per cent increase in the company’s operating income was attributable to the increased level of activities in project directorate and project management, increased rental income and re-valuation gains on investment properties.
Managing Director, Afriland Properties Plc, Mrs. Uzo Oshogwe said the management of the company kept it on a strong, stable trajectory and delivered a solid performance in spite of the economic headwinds last year.
She added that the reduction in profit over prior year resulted from the diminution in the value of the company’s share investment and the increase in the level of tax provision.
Afriland Properties announced an operating income of N2.3 billion for the year ended December 31, 2015, representing 44 per cent increase compared to the corresponding period of 2014. The company’s total assets increased to N15.3 billion from N8.2 billion during the period under review representing 87 percent increase. The company achieved a profit before tax of N1.72 billion in 2015 as against N1.74 billion in 2014. Profit after tax stood at N1.15 billion as against N1.51 billion in the previous year.