R.T. Briscoe’s investment in the real estate business has begun to yield increased profitability for the shareholders of the company.
Specifically, Briscoe Properties Limited, which was acquired by the firm in 2011, reported a profit of N101m at the end of the 2012 financial year.
A statement on Tuesday, quoted the Chairman, R.T. Briscoe, Mr. Clement Olowokande, as saying this during the company’s annual general meeting in Lagos.
He said, “R.T.Briscoe is known for the sales and service of Toyota and Ford motor vehicles, technical equipment including forklifts, industrial compressors, mining and drilling equipment and generating sets.
“However, we diversified into facility management, property development, sales and lease of properties, and our acquisition of Briscoe Properties has already started yielding the desired results as it recorded a turnover of N886.4m and net profit of N101.3m at the end of 2012.
“I am also pleased to inform you that all the housing units of the have been sold out. A new property development project is in the pipeline and you will be kept informed as appropriate.”
Olowokande assured the shareholders that the management has intensified efforts in collecting the outstanding debts and selling its aged stock,, which he said are veritable sources of profit in the current financial year.
According to him, the results for the first quarter of this year released some weeks ago showed a return to profit.