Press Release

Afriland Properties Plc, the real estate development company that will oversee the redevelopment of the iconic Falomo Shopping Centre in Ikoyi, Lagos, last Friday announced the payment of a dividend of 10 kobo per share for the 2013 financial year.

The Chairman of Afriland Properties Plc, Erelu Angela Adebayo announced the dividend, which amount to N100 million, at the annual general meeting (AGM)of the company in Lagos.

This is the first AGM held by the company since it spun off from UBA Plc and merged with Heirs Real Estate Limited in December 2013. The merger aligned the long-term interests of both companies and leveraged on their complementary strengths to expand operations and expertise. 

Addressing the shareholders,  Adebayo said  the company  recorded an operating income of N595  million  for the year ended December 31, 2013, showing a growth of 2,495 per cent above the N22.945 million  posted in the 2012.  Profit before tax(PBT)  rose  by 1,177 per cent from N33.26 million in 2012  to N424.75 million in 2013.

“In keeping with the promises we made during the merger, your board of directors is implementing a five-year strategic plan, through our management team, that has further engaged the company in development projects. This is a progressive move away from facilities management into the construction of large-scale commercial and residential properties in Lagos and Abuja.”

According to her, the malls and estates  the company plans to build will not only enhance the lives of ordinary Nigerians but reflect great opportunities for our company and our shareholders.

“ We are now in the second year of implementation, which will consolidate Afriland Properties’ unique position in Nigeria’s property industry and establish a foundation for our expansion to other parts of the country,” she said.

Also speaking,  Chief Executive Officer, Mrs. Uzo Oshogwe, said, “The Falomo Shopping Centre is the jewel in our eye at Afriland Properties at this moment. Our shareholders can expect to see great things from that development, which we have already begun working on. We have also lined up proprietary projects which shall be executed solely or as joint ventures, in addition to a key strategic acquisition, which will increase our asset base and balance sheet considerably in the coming year.”
 
 
ENDS
 
About Afriland Properties
Afriland Properties Plc is a property management, investment and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments. With a portfolio size of over N10 billion and one of the largest land banks in Nigeria, Afriland Properties is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.  Afriland Properties is a member of Heirs Holdings, an African investment company with long-term, strategic interests in the energy, agribusiness, real estate & hospitality, and healthcare sectors of the economy.