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Afriland Properties Pay N100 Million Dividend, Plan to List

June 16, 2014

Afriland Properties Plc, the real estate development company that will oversee the redevelopment of the iconic Falomo Shopping Centre in Ikoyi, Lagos, Friday, announced the payment of a dividend of 10 kobo per share for the 2013 financial year.

The Chairman of Afriland Properties Plc, Erelu Angela Adebayo, announced the dividend, which amounted to N100 million, at the annual general meeting of the company in Lagos.

That was the first annual general meeting held by the company since it spun off from UBA Plc and merged with Heirs Real Estate Limited in December 2013.

The merger aligned the long-term interests of both companies and leveraged on their complementary strengths to expand operations and expertise.

Addressing the shareholders, Adebayo said the company would list its shares on the Nigerian Stock Exchange (NSE) in the next two years.

"We are planning to take your company to the NSE for listing so that you will be able to trade your share publicly," she said, adding that the company recorded an operating income of N595 million for the year ended December 31, 2013, showing a growth of 2,495 per cent above the N22.945 million posted in 2012.

Profit before tax rose by 1,177 per cent from N33.26 million in 2012 to N424.75 million in 2013.

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Source: AllAfrica

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