Shareholders Approve Afriland Properties’ ₦865.5m Dividend Payout
Shareholders of Afriland Properties Plc has approved a total dividend of of ₦865.56m proposed by the company’s Board of Directors.
The dividend which was approved by the shareholders at the company’s 12th Annual General Meeting (AGM) was equivalent to 63 kobo per ordinary share; a 152 per cent increase from the ₦343.5m paid out in the previous year.
For the financial year ended December 31, 2024, the company recorded a Profit Before Tax (PBT) of ₦3.7bn, representing a 53 per cent increase from the ₦2.41bn reported in the previous year.
Profit After Tax (PAT) also rose by 51 per cent to ₦2.6bn, while Operating Profit climbed by 47 per cent to ₦3.5bn, reflecting sustained momentum in project development, project management, rental income, and revaluation gains on investment properties.
Chairman of the Board, Mr. Emmanuel Nnorom, in his remarks at the AGM which held virtually in Lagos, described the company’s performance as a reflection of strategic clarity and execution discipline.
Nnorom noted that in line with its commitment to delivering shareholder value, the Board of Directors has proposed a total dividend of ₦865.56m, equivalent to 63 kobo per ordinary share; a remarkable 152 per cent increase from the ₦343.5m paid out in the previous year.
“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 Emodi as the new Managing Director/CEO.
Shareholders Approve Afriland Properties’ ₦865.5m Dividend Payout is first published on The Whistler Newspaper
