{"id":52519,"date":"2021-09-26T19:58:31","date_gmt":"2021-09-26T18:58:31","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=52519"},"modified":"2021-09-26T19:58:31","modified_gmt":"2021-09-26T18:58:31","slug":"updc-targets-improvement-in-cash-flow-payment-of-dividends-to-shareholders","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/updc-targets-improvement-in-cash-flow-payment-of-dividends-to-shareholders\/","title":{"rendered":"UPDC Targets Improvement In Cash Flow, Payment Of Dividends To Shareholders"},"content":{"rendered":"

In order to ensure that maximum value and return on investment is derived on clients\u2019\u00a0<\/span>properties and estates, the Board and Management of UPDC Plc, has set plans in expanding its asset management subsidiary, improving its cash flow and ultimately start paying dividends to shareholders.<\/p>\n

The company disclosed this to capital market stakeholders during its Facts behind the Figures platform of Nigerian Exchange (NGX) Limited at the weekend. Making his presentation, the Chief Executive Officer, Odunayo Ojo, said following<\/span>\u00a0the conclusion of the company\u2019s restructuring in the first half of the\u00a0year, the management of UPDC will focus on its key strategic initiatives which include; Property Development<\/span>,\u00a0Development<\/span>\u00a0management\u00a0and<\/span>\u00a0other Real Estate Advisory\u00a0services<\/span>, Disposal of low yielding\u00a0investment<\/span>\u00a0properties and existing Inventory,\u00a0Sale<\/span>\u00a0of Festival Hotel at Festac and\u00a0Asset<\/span>\u00a0Management.<\/p>\n

Whilst explaining that\u00a0<\/span>UPDC has established a development track record commission of diverse asset mix in the retail, commercial residential and hospitality sectors, Ojo said that the company distributed its stake in UPDC REIT to shareholders in 2020, giving UPDC shareholders direct stake in UPDC REIT Plc.<\/p>\n

Presenting the company\u2019s financials and future plans of the company, Chief Financial Officer at UPDC Plc, Folakemi Fadahunsi, said although the company\u2019s revenue decline was as a result of its focus to dispose of its old inventory to unlock funding for new developments.<\/p>\n

\u201cUPDC\u2019s<\/span>\u00a0half year performance reflects\u00a0the<\/span>\u00a0anticipated impact of the\u00a0Company\u2019s<\/span>\u00a0internal restructuring on\u00a0performance<\/span>.\u00a0 We were\u00a0able<\/span>\u00a0to record a significant\u00a0reduction<\/span>\u00a0in its finance cost for the first\u00a0half<\/span>\u00a0of the year and the full effect of\u00a0our<\/span>\u00a0management’s refinancing\u00a0initiatives<\/span>\u00a0is expected to be fully\u00a0reflected<\/span>\u00a0in the full year result\u00a0following<\/span>\u00a0the success of our bond\u00a0repayment<\/span>\u00a0in April 2021. We will try to improve cash flow and ultimately start paying dividends to shareholders\u201d, She said.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Earlier in his opening remark, the Divisional Head, Listings Business, NGX, Olumide Bolumole, noted that the market is driven by timely, relevant, and accurate information, interactions with the market are vital for transparency, price discovery and overall performance of securities.<\/p>\n

While commending UPDC Plc, Bolumole expressed delight at the significant milestone UPDC achieved with the successful conclusion of the N16 billion rights issue last year, proceeds of which were used to strengthen the capital base and position the company for growth.<\/p>\n

He said, \u201cAt the exchange, we remain committed to helping issuers derive great value from their interaction with the market. By positioning ourselves as the African Exchange of choice, we continue to implement policies aimed at strengthening the corporate governance of our listed companies and providing products that are aligned to investors\u2019 requirements in a fair and orderly market\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

order to ensure that maximum value and return on investment is derived on clients\u2019\u00a0properties and estates, the Board and Management of UPDC Plc, has set plans in expanding its asset management subsidiary, improving its cash flow and ultimately start paying dividends to<\/p>\n","protected":false},"author":6,"featured_media":52520,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[],"coauthors":[2391],"class_list":["post-52519","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\nUPDC Targets Improvement In Cash Flow, Payment Of Dividends To Shareholders - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/updc-targets-improvement-in-cash-flow-payment-of-dividends-to-shareholders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDC Targets Improvement In Cash Flow, Payment Of Dividends To Shareholders - 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