Afriland Properties Plc has received the approval of its shareholders to pay a dividend of N100m for the financial year ended December 31, 2013.

The company, formerly called UBA Properties Limited, got the approval to pay the dividend, which translates to 10 kobo per share at its Annual General Meeting in Lagos on Friday.

On the performance of the company on the year under review, the Chairman, Afriland properties, Angela Adebayo, said, “Profit after tax attributable to the company was N281.94m, which is 747 per cent above N33.26m recorded for the 2012 financial year. The upturn in performance compared with the preceding year is mainly attributable to the increased in level of activities arising from the spin off from UBA Plc.”

Also, in 2013, Adebayo said the Securities and Exchange Commission approved the merger between Afriland Properties and Heirs Real Estate Limited.

She said, “The business combination, among others, affords Afriland Properties the opportunity to lock into captive and external deal flow arising from the network and track record of acquired company. For example, the redevelopment of the Falomo Shopping Mall is one of such deals arising from the business combination. It is expected the merger will also provide additional revenue streams with no duplication of functions and higher operating efficiency.”

Source: Punch

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