Afriland Properties Plc Achieves Remarkable Financial Growth in 2024, Driven by Strategic Execution and Operational Efficiency
Afriland Properties Plc, a prominent real estate development and management company, has announced exceptional financial results for the 2024 fiscal year, demonstrating robust growth and strategic success. The company’s profit after tax surged by an impressive 51% to N2.6 billion, compared to the previous year’s N1.72 billion. This remarkable achievement underscores the efficacy of the company’s strategic initiatives, disciplined execution, and operational efficiency, despite challenging macroeconomic conditions.
The company’s profit before tax also witnessed substantial growth, rising by 53% to N3.7 billion, compared to N2.41 billion in the preceding year. Similarly, operating profit experienced a significant increase of 47%, reaching N3.5 billion. These positive financial indicators reflect the sustained momentum across Afriland’s core business areas, including project development, project management, rental income, and revaluation gains on investment properties. The company’s ability to navigate macroeconomic headwinds and deliver such strong results highlights its resilience and adaptability in a dynamic market environment.
In recognition of its commitment to shareholder value creation, Afriland’s board of directors has proposed a substantial dividend payout of N865.56 million, equivalent to 63 kobo per ordinary share. This represents a remarkable 152% increase compared to the N343.5 million dividend distributed in the previous year. The significant increase in dividend payout reflects the company’s strong financial performance and its commitment to rewarding shareholders for their continued support and investment.
During the company’s 12th Annual General Meeting (AGM), held virtually, Chairman of the Board, Mr. Emmanuel Nnorom, attributed Afriland’s outstanding performance to strategic clarity and execution discipline. He emphasized the deliberate execution and disciplined growth strategies implemented throughout the year, which, combined with the relentless efforts of the management team, propelled the company’s success. Mr. Nnorom highlighted the scaling of operations across core business areas, the enhancement of asset value, and the delivery of meaningful returns as key drivers of the company’s exceptional performance.
Mr. Azubike Emodi, Managing Director/Chief Executive Officer, echoed the chairman’s sentiments, attributing the strong financial results to operational efficiency and the dedication of the Afriland team. He emphasized the company’s focus on sharpening execution, accelerating project turnaround times, and deepening market relevance through smart and scalable developments. Mr. Emodi cited Afriland Estate, Karmo, a meticulously designed residential community in Abuja, as a prime example of the company’s capability to deliver modern, efficient, and sustainable living environments that cater to Nigeria’s evolving housing needs.
Shareholders at the AGM expressed their satisfaction with the company’s outstanding financial results and the significantly enhanced dividend payout. They commended Afriland’s execution of key development projects and expressed confidence in Mr. Emodi’s leadership as the newly appointed Managing Director/CEO. The shareholders’ positive feedback underscores their confidence in the company’s strategic direction and its ability to sustain its growth trajectory under Mr. Emodi’s guidance. Looking ahead, Afriland Properties Plc remains focused on unlocking new opportunities across the real estate value chain, with a robust project pipeline that reflects its ambitious growth plans. The company’s commitment to innovation, sustainability, and shareholder value creation positions it for continued success in the dynamic Nigerian real estate market.
