MON, 06 JUNE, 2022-theGBJournal| Purple Real Estate Income Limited (PREIL) today published its audited results for the financial year ended 31 December 2021, reporting total operating income increase of 112% to N2 billion, ‘’due to expansion of asset base including sales of properties’’ the company said.
Profit before taxation (PBT) increased by 181% to N1.5 billion while Profit after tax (PAT) grew by 168% to N1.3 billion.
It also reported Total assets grew by 60% to N26.4 billion and its annual dividend grew by around 4984% to N442.3 million.
The real estate and financial services platform said its total income from the flagship Maryland Mall grew by 46% to N1.18 billion as a result of retail market stabilisation post Covid-19 lockdown and increased occupancy.
Revenue from sale of trading properties of stood at N1.35 billion, with the emergence of Purple Nano project now sold out.
Purple CEO, Laide Agboola commenting on the company’s performance said “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 said the company’s flagship location, the Maryland Mall, has supported growth in 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 90% committed a year before anticipated opening. Together, this has driven growth in our operating income of 112%, to N2 billion and growth in Profit Before Taxation of 181%, to more than N1.5 billion, enabling us to return money to shareholders through a dividend of N442.3 million.
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,” he said.
Purple is Nigeria’s breakthrough real estate and financial services platform at the forefront of a real estate revolution. The company invests 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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