Afriland Properties Plc has recorded an operating income of for the year ended December 31, 2015, representing 44 per cent increase compared to the corresponding period of 2014.
The board of directors and the management also declared a total dividend payment of N499.6 million translating to 40 kobo per ordinary share.
The company’s total assets increased to N15.3 billion from N8.2 billion during the period under review representing 87 percent increase.
Afriland Properties recorded a slight drop in profit before tax which stood at N1.72 billion at the end of the 2015 financial year compared to N1.74 billion which it recorded for the year ended December 31, 2014. Profit after tax attributable to the company was N1.15 billion, 24 per cent below the position of N1.51 billion for the year ended 31 December, 2014.
While addressing the shareholders, the managing director and chief executive of Afriland properties Plc, Uzo Oshogwe stated that “Despite the economic headwinds during the financial year under review, we successfully kept the company on a strong, stable trajectory and delivered a solid performance.
The results in the fiscal year 2015 were possible due to effectiveness and efficiency in the way we work and our ability to deliver excellent and innovative real estate solutions to our client. 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.”
