Afriland Properties Plc has recorded a strong financial performance for the 2024 fiscal year, posting a 51% rise in profit after tax to N2.6 billion, up from the previous year’s N1.72 billion.
This impressive showing was driven by gains from project development and management, rental income, and property revaluations.
In a move to reward shareholders, Afriland’s board of directors proposed a total dividend of N865.56 million, translating to 63 kobo per share—a 152% increase from the N343.5 million paid out in 2023.
Speaking at the 12th Annual General Meeting, held virtually, Chairman Emmanuel Nnorom praised the results, stating:
“Afriland’s exceptional 2024 financial year was driven by deliberate execution and disciplined growth… We delivered meaningful returns despite macroeconomic headwinds.”
CEO Azubike Emodi credited the company’s growth to operational efficiency and a dedicated team, noting Afriland’s expanding project pipeline and its focus on delivering scalable, sustainable developments. He spotlighted the Afriland Estate in Karmo, Abuja, as a standout example of the firm’s capability to meet Nigeria’s housing needs with modern residential infrastructure.
“These numbers demonstrate the strength of our business model… We’re unlocking new opportunities across the real estate value chain,” Emodi added.
Shareholders welcomed the robust dividend and expressed optimism in Emodi’s leadership, praising the company’s continued momentum and direction.
