The UACN Property Development Company Plc has announced that it will focus on sustainable growth in the coming years.
The company’s results showed that its revenue grew by 78 per cent in 2012 to N12.039bn compared to N6.782bn recorded in 2011 financial year.
Its profit after tax rose by 31 per cent in the period under consideration, from N1.067bn in 2011 to N2.180bn.
Accordingly, the company recommended a dividend of N962.5m to shareholders, representing a payout of 70 kobo per ordinary share.
A statement by the company on Wednesday said that shareholders approved the dividend payout at its Annual General Meeting in Lagos recently.
It quoted the Chairman of the company, Mr. Larry Ettah, as saying that the company was positioned to take advantage of the opportunities in the real estate sector.
He added that the business had continued to be attractive as its activities were tailored towards meeting the growing needs of its customers all over the country.
He said, “With the huge housing deficit of about 17 million units, the growing population and the emerging middle class the company was positioned to take advantage of the opportunities in the real estate sector as the business continued to be attractive.
“Partnership opportunities are also emerging across different segments of the market and your company is poised to take advantage of them.’’
He pointed out that in spite of the seeming glut in the luxury market, however, rents and sale prices for high-end apartments remained quite high while in the commercial segment, headline rents in Lagos ranked among the highest in the world.
“International operators continued to express a strong desire to expand their footprints in the Nigerian market, as significant demand/supply imbalance exists for quality hotel accommodation,” he said.