By Taiye Olayemi
Shareholders of Afriland Properties Plc have approved a total dividend payout of N329.7 million for the 2025 financial year.
The approval was given at the company’s 13th Annual General Meeting held in Lagos on Wednesday.
The approval also reflected the company’s commitment to delivering value in spite of a challenging business environment.
Chairman of the company, Mr Emmanuel Nnorom, said the dividend translated to 24 kobo per ordinary share, comprising an interim dividend of 13 kobo already paid and a final dividend of 11 kobo.
He said the payout underscored the company’s focus on rewarding shareholders while sustaining growth.
Nnorom noted that the company recorded a 12 per cent increase in gross profit to N3.51 billion in 2025, from N3.13 billion in 2024.
He added that revenue rose by eight per cent to N4.07 billion, compared with N3.75 billion in the previous year.
“During the year, we commenced nine new projects, completed 18 ongoing projects, and currently have 12 projects at various stages of completion nationwide,” he said.
According to him, the performance reflects resilience, sound governance and disciplined management amid macroeconomic pressures.
Also speaking, the Managing Director, Mr Azubike Emodi, said total assets grew by 33 per cent year-on-year to N65 billion, up from N48 billion in 2024.
He attributed the growth to sustained investment in property development, as well as fair value gains on investment properties and equity holdings.
Emodi, however, said profit before tax declined by 29 per cent to N2.60 billion from N3.70 billion in 2024.
He added that profit after tax fell to N336 million from N2.61 billion, largely due to increased deferred tax liabilities following adjustments in capital gains tax.
Shareholders’ funds rose by three per cent to N36.09 billion, supported by retained earnings and unrealised gains on investments.
Emodi said the company remained focused on growth, with ongoing and planned projects across Lagos, Abuja and other key markets, alongside efforts to reposition underutilised assets for improved returns.
He expressed optimism about opportunities in Nigeria’s real estate sector, particularly in residential, mixed-use and commercial developments.
In their remarks, shareholders commended the company’s performance and strategic direction.
Mr Patrick Ajudua, President of the New Dimension Shareholders Association, urged the company to consider listing on the Nigerian Exchange Limited to enhance access to long-term funding and improve liquidity.
Another shareholder, Alhaji Kabiru Musa, advised the company to improve disclosure by including property prices in its advertisements to facilitate faster sales.(NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
