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Afriland Properties Plc has reported impressive financial results, showcasing its resilience and ability to drive growth despite economic challenges.
The company’s strong performance underscores its commitment to delivering value to stakeholders.
Its outstanding financial results are a further testament to its effective strategies and strong market presence. The company’s focus on real estate development and management has enabled it to maintain a competitive edge in the industry.
For the financial year ended December 31, 2024, the company recorded a Profit Before Tax (PBT) of ₦3.7 billion, representing a 53% increase from the ₦2.41 billion reported in the previous year. Profit After Tax (PAT) also rose by 51% to ₦2.6 billion, while Operating Profit climbed by 47% to ₦3.5 billion, reflecting sustained momentum in project development, project management, rental income, and revaluation gains on investment properties.
In line with its commitment to delivering shareholder value, the Board of Directors has proposed a total dividend of ₦865.56 million, equivalent to 63 kobo per ordinary share, a remarkable 152% increase from the ₦343.5 million paid out in the previous year.
These results were shared at the company’s 12th Annual General Meeting (AGM), which was held virtually in Lagos on Friday.
Chairman of the Board, Mr. Emmanuel Nnorom, in his remarks at the AGM, described the company’s performance as a reflection of strategic clarity and execution discipline.
“Afriland’s exceptional 2024 financial year was driven by deliberate execution and disciplined growth. These results speak to the strategic initiatives implemented throughout the year and the relentless efforts of our management team. We scaled operations across core business areas, enhanced asset value, and delivered meaningful returns despite macroeconomic headwinds. This performance underscores our commitment to shareholder value and long-term sustainability.”
Also commenting on the results, Managing Director/CEO Mr. Azubike Emodi, attributed the strong performance to operational efficiency and team excellence while expressing confidence in the company’s future direction.
“These numbers clearly demonstrate the strength of our business model and the dedication of our team. We are sharpening our execution, accelerating project turnaround, and deepening market relevance through smart, scalable developments.
A prime example is Afriland Estate, Karmo, a thoughtfully designed residential community in Abuja. It embodies our capability to deliver modern, efficient, and sustainable living environments aligned with Nigeria’s evolving housing needs. As we look ahead, we’re focused on unlocking new opportunities across the real estate value chain, and our project pipeline reflects this ambition.”
Shareholders at the AGM expressed satisfaction with the company’s outstanding results and the significantly enhanced dividend payout. They commended Afriland’s execution of key developments and warmly welcomed the appointment of Mr. Emodi as the new Managing Director/CEO, expressing confidence in his ability to steer the company into its next growth phase. The meeting reaffirmed their trust in the Board’s strategic direction and the management’s operational excellence.
Afriland Properties Plc continues to demonstrate industry leadership, leveraging innovation, strategic partnerships, and a commitment to sustainability to unlock long-term value for its stakeholders.
Financial Highlights
• Operating Profit: ₦3.5 billion (up 47% YoY)
• Profit Before Tax (PBT): ₦3.7 billion (up 53% YoY)
• Profit After Tax (PAT): ₦2.6 billion (up 51% YoY)
• Dividend Payout: ₦865.5 million (63 kobo/share – up 152% YoY)
Editors Note:
About Afriland Properties Plc:
Afriland Properties Plc is a property management, investment, and development company, offering end-to-end services across the real estate value chain; improving lives by investing in the development, management, and maintenance of world-class Real Estate offerings across Africa. With a portfolio size of over N20 billion and one of the largest land banks in Nigeria, Afriland is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.
Photo Captions:
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L-R : Olubunmi Akinremi, Independent Non-Executive Director ; Omomene Obanor, Company Secretary; Ayodeji Adigun, Non-Executive Director; Agatha Obiekwugo, Non-Executive Director; Emmanuel Nnorom: Chairman, Board of Directors; Azubike Emodi, Managing Director/Chief Executive Officer; Owen Omogiafo, Non-Executive Director; Obong Idiong, Non-Executive Director and Olukayode Odebiyi, Executive Director; all of Afriland Properties Plc at the company’s 12th Annual General Meeting held recently.
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L-R : Omomene Obanor, Company Secretary; Ayodeji Adigun, Non-Executive Director; Agatha Obiekwugo; Non-Executive Director; Olukayode Odebiyi, Executive Director; Emmanuel Nnorom: Chairman, Board of Directors; Azubike Emodi, Managing Director/Chief Executive Officer; Owen Omogiafo, Non-Executive Director; Obong Idiong, Non-Executive Director and Olubunmi Akinremi, Independent Non-Executive Director all of Afriland Properties Plc at the company’s 12th Annual General Meeting held recently.
