Monday, November 25, 2019 / 8:33 AM / Bukola Akinyele for Proshare
WebTV / Header Image Credit: Webtv
Afriland Properties Plc recently met stakeholders on its 2019 financial year activities and its outlook for 2020.
The investor discussion was on the platform of the NASD OTC Securities Exchange which trades unlisted securities.
Giving the opening remarks at the forum the MD/CEO of NASD OTC Securities Exchange, Mr Bola Ajomale, said the NASD was focused on guaranteeing transparency and liquidity in the market.
Mr Ajomale informed stakeholders that the investor forum was part of the opportunities for companies captured in the exchange, to interact with market players and give the necessary information on their operations and the prospects ahead.
According to him, this was the first in a list of companies that would be introduced to the market, through the "Investor Call" forum where corporate MDs and their executives would speak on their plans that can develop interests from investors.
The MD/CEO of Afriland Properties Plc Mrs Uzo Oshogwe, gave a review of the company's performance in 2019 and the projections for 2020.
According to her the company was incorporated in 2007 as UBA Properties Ltd and in 2011 the company commenced operations, and changed its name from UBA properties to Afriland properties plc.
Speaking further she said In 2011 and 2013 the company acquired Heirs Real Estate Limited and in 2016, the company commenced its development of property projects.
She noted that in 2017, there was the development and construction of lock-shops in 2017, continuous sustenance and improvement of the project development client base, and in 2018 the company completed the redevelopment of the Afriland Towers.
According to her, Afriland Properties is strategically located in three major cities which are Lagos, Port Harcourt and Abuja.
Speaking further, she said the focus of the company was to improve lives by investing in the development, management and maintenance of world-class real estate offerings across Africa.
Oshogwe also highlighted the core values of the company which are based on excellence, enterprise and execution.
Giving a further update she said Afriland Properties Plc had a land-backed value of N10bn spread across the country.
Total equity for the company as at October 2019, hit N8.070bn compared to the December 2018 figure of N7.552bn, which signified a 6% increase.
In terms of revenue, as at October, 2019 the company earned N1.176bn compare to N1.66bn in 2018.
The Interest income as at October 2019 hit N87m compared to N76m October 2018 which signified a 14% increase.
The total liability of the company as at October, 2019 was N16.220bn compared to December, 2018 which was N17.362bn, which showed a decreased of -7%.
Total assets as at October, 2019 hit N24.290bn as opposed to December 2018, which was N24, 914bn in December which showed a change of -3%
Profit before tax as at October, 2019 was N650m compared to December, 2018 which was 670m. Operating expenses N616m compare to 2018 which is N628m a decreased of 2%
Afriland Plc MD said all this was achieved amidst a challenging macro-economic environment of hard work despite the hard economy and was optimistic of an improved performance by 2020.
Future Outlook 2020 Our Strategy
Speaking on the outlook for 2020, Oshogwe said Afriland Plc will kick off new sets of property developments in 2020, with the building plan already set.
Afriland according to her will also explore infrastructure development to tap into the government's current funding plans on infrastructure across the nation.
She highlighted the following as key developments to expect in 2020;
In an interview with Proshare WebTV, the MD/CEO of Afriland Plc said "The Investor" was a positive forum that enabled market stakeholders to understand the operations of the company and its direction for 2020 and beyond.
She said the company was well placed, with its workforce and there is a clear strategy in place to actually conclude the real estate development projects in 2020.
On the outlook for the mortgage market in 2020, Oshogwe said the company would engage financial institutions to deepen the market.