Purple Group, a real estate company based in Lagos has improved its revenue significantly by 456.2% year on year to N3.3 billion in the first half of 2022.
The massive record was made under the Group’s CEO/ Co-founder Olaide Agboola, a transformational Nigerian entrepreneur, and finance executive who has driven impact across multiple corporations.
The milestone was reached on the account of splitting its business across two segments, a sales business and a rental business – essentially where the drivers of revenue start to come together.
Speaking during Nairametrics Daily Twitter Space, Agboola noted that Purple recorded 9% in 2020 across its rental business while the figure was up by 20% in the last year.
It added that its sales businesses – which has multiple asset classes in the proper living product line in categories such as the Nanos, the urban, and the macro – represent a proportion of about 50.
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He said, “About 60% of our total revenue drive is a testament to the growth story of the country. We are delivering about 450 residential properties over the next year starting with a Nano development on Freedom way. Then the macro is also on the road to Purple Maryland. All of these brought together, that’s revenue at the half year of 3.3 billion.”
To maintain the growth, however, Agboola said the company is consolidating its leadership in the market space by continuously being innovative whilst also pioneering some great ideas within the real estate space as well as ensuring that there is sustainability in the mid to long term.
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In the future, Purple is looking to diversify into hospitality, office, and student accommodation as they help blend alongside the residential sales business and also stabilise the rental business to ensure it is able to deliver into the foreseeable future.
Speaking on some of its projects, Agboola noted, “We pride ourselves on building a mixed-use community beyond mixed-use assets. For instance, people see our Purple Maryland project as just another mall but it’s not. It’s a neighbourhood center that provides the element of retail advertising. You have the elements of entertainment and family fun. You also have those providing financial services which are beyond the groceries that you have in retail centers. We are creating an environment where you can work, shop, eat and play within the Maryland community.
“On Freedom way, we are opening up Purple Lekki in the next 60 days. And as we go further into the future, we are looking at the acquisition of new assets which are not currently within our purview that will help expand and go beyond the mixed-use communities that we have, along the lines of hospitality, office, and student accommodation.”
On the continued innovation which the group has continued to display, he explained how Purple has recently introduced a recent development such as the solar panels using the likes of warm water to deliver solar energy, clean energy. This is in addition to batteries installed which allows balancing the use of Purple provisions across the grid.
He said, “We also focus on lifestyle and being able to provide solutions that people actually require and these are the areas that we will continuously deliver on based on research and feasibility studies, population density, and purchasing power. These things help just beyond the location of the asset.”
Purple also embraces partnerships with the likes of Ascott group, which is based in Singapore and happens to be one of the largest short and long-stay residential apartment managers. This means that the group is branding its apartments with international standards.
Similarly, Purple is able to align with Genesis cinema, working with the cinema across Maryland and also cutting across into Lekki phase one at Purple Lekki.
Commenting on how Purple Group is leveraging the technology wave, Agboola said he sees proptech as the future of the group. According to him, “It is an electronic platform eventually which is being supported strongly by a Canadian-based blockchain technology business that is set forth into the Nigerian market. And we will be bringing to the market about 72 billion worth of assets that will be tradable and accessible by every Nigerian and will be affordable such that N5000 will be able to be invested in residential and commercial grade assets.”
He added, “The future is technology- Proptech. We expect steady growth from our real estate business. We are going to amplify our returns using technology and that is one area people haven’t really felt and seen. Digital transformation is key, it’s here to stay.”