Purple Real Estate Income Limited (PREIL) has released its audited results for the financial year ended 31 December 2021.
Analysis of the results showed PREIL’s total operating income stood at N2billion as at December 31, 2021, having increased by 112 per cent over the position in the corresponding period of 2020. This was attributed to expansion of asset base including sales of properties.
The company recorded a total income of N1.18 billion from the flagship Maryland Mall in the period under review, representing a rise of 46 per cent over the previous year as a result of retail market stabilisation post-COVID-19 lockdown and increased occupancy.
Also, revenue from sale of trading properties grossed N1.35 billion in 2021, with the emergence of Purple Nano project, which is now sold out. Further analysis revealed profit before taxation (PBT) hit N1.5 billion in the review period, representing an increase of 181 per cent from 2020, as profit after tax (PAT) grew by 168 per cent to N1.3 billion.
While total assets grew by 60 per cent to N26.4 billion, annual dividend recorded a remarkable increase of about 4785 per cent to N427 million as a result of the sales of the Purple Nano. The board of directors had approved an interim dividend of N142.3 million and a final dividend of N284.7 million, translating to a total of N427 million.
Commenting, CEO, Purple, Laide Agboola, noted, “2021 has been an important year in our journey and we have made significant progress across all our strategic priorities, despite the challenges that the on-going economic impact of the COVID-19 pandemic continued to present.”
He added: “Our flagship location, the Maryland Mall, has supported growth in our operating revenue, delivering double digit increases in rental, service, and other revenue lines. This has been supported by very strong sales of our Purple Nano residences at the PurpleLekki mixed use project, where retail lettings are also performing well, with 90per cent committed a year before anticipated opening. Together, this has driven growth in our operating income of 112per cent, to N2 billion and growth in Profit Before Taxation of 181per cent, to more than N1.5 billion, enabling us to return money to shareholders through a dividend of N427 million.
Agboola also said, “Our project development pipeline advanced significantly in 2021, with more than 600 homes now planned. We secured the site for our Purple Macro project, while our Purple Urban project began foundation work in late 2021 and is targeting a first phase of 110 units. Our entry into the affordable student housing segment also gathered pace, as we have identified campuses in a number of locations and are targeting 1,500 bed spaces as we roll out.”
“We have also made very encouraging progress in our emerging financial services and technology segment, with the completion of a key acquisition, which enables us activate our regulated asset management capabilities. We know that participation in the real estate market can have a high cost of entry and we are building a suite of exciting property technology solutions that will give our consumers the ability to invest in real estate assets at affordable price points. We look forward to the launch of these products in 2022, and to furthering our ambitions to democratise access to Nigeria’s burgeoning real estate market.”
Key Financial Highlights
About Purple
Purple is Nigeria’s breakthrough real estate and financial services platform at the forefront of a real estate revolution. We invest in the development, management, and acquisition of superior multi-purpose properties and infrastructure across a wide range of sectors to democratise access to real estate ownership and investment, breaking down the barriers that prevent investors from the gains of appreciating assets.
Purple Real Estate Income Limited commenced operations in 2014 and is responsible for developing the Maryland Mall, a Grade-A mixed-use centre that boasts the largest outdoor LED screen in West Africa.
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