'How Afriland Properties will strengthen balance sheet'

Afriland Properties Chairman, Mr Emmanuel Nnorom, says the company is set to strengthen its balance sheet and business model in 2021 by tapping into the opportunities that will be created in the building and construction sector.

Nnorom made this known while reviewing the financials at the company’s eighth Annual General Meeting held in Lagos.

He lamented the negative effect of the COVID-19 pandemic on the real estate industry, noting that public and private properties such as offices, apartments, hotels, sports, and entertainment venues were singled out as potential spreading locations for the novel coronavirus.

“These places were either shut down or had restrictions imposed. Several projects were commenced and completed in the year under review.

“As of December 31, 2020, the company had over 41 projects in different locations in the country and at various stages of completion. Our performance during the year was affected by the events in the larger economy,” he added.

Meanwhile, shareholders of Afriland Properties Plc have unanimously ratified the N68.695m recommended by the company’s directors as dividend for the financial year ended December 31, 2020.

The dividend, which translates to 5k per share was approved by the company’s shareholders.