Laide Agboola, Co-founder and CEO, Purple Group
Laide Agboola, Co-founder and CEO, Purple Group

The management of Purple Real Estate Income Limited (PREIL) says it has grown its operating revenue by 112 percent to N2 billion, riding on the expansion of its asset base and sale of properties.

The company’s audited results of its financial year ended December 31, 2021, which show this impressive performance in the year under review, also hint that the company will be paying dividends totaling N427 million.

An analysis of the audited results shows that, from its flagship project, Maryland Mall also called PurpleMall, the company recorded a total income of N1.18 billion, showing 46 percent increase over the previous year. This, according to the management, was driven by retail market stabilisation post-COVID-19 lockdown and increased occupancy rate in the mall.

Furthermore, sale of the company’s trading properties pushed its revenue to N1.35 billion in 2021 and this was buoyed by the emergence of Purple Nano project, which is now sold out.

The company recorded profit before taxation (PBT) of N1.5 billion in the review period, representing an increase of 181 percent from 2020 while profit after tax (PAT) grew by 168 percent to N1.3 billion.

While total assets grew by 60 percent to N26.4 billion, annual dividend recorded a remarkable increase of about 4785 percent to N427 million as a result of the sale of the Purple Nano.

The board of directors has approved an interim dividend of N142.3 million and a final dividend of N284.7 million, translating to a total of N427 million.

“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,” Laide Agboola, Purple’s CEO, noted.

Agboola noted further, “our flagship location, the Maryland Mall, has supported growth in our operating revenue, delivering double digit increases in rental, service, and other revenue lines. This has been supported by very strong sale of our Purple Nano residences at the PurpleLekki mixed use project, where retail lettings are also performing well, with 90percent commitment a year before expected opening.”
He said that the sales have, together, driven growth in the company’s operating income by 112 percent, to N2 billion and growth in Profit Before Taxation of 181percent, to more than N1.5 billion, enabling them to return money to shareholders through a dividend of N427 million.

He disclosed that their project development pipeline advanced significantly in 2021, with more than 600 homes planned, adding that they had secured the site for the Purple Macro project, while foundation work on their Purple Urban project began in late 2021 and was targeting a first phase of 110 units.

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“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,” he added.

Agboola revealed further that they have made very encouraging progress in their emerging financial services and technology segment, with the completion of a key acquisition, which would enable them to activate their 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 also to furthering our ambition to democratise access to Nigeria’s burgeoning real estate market,” he assured.

Purple prides itself as 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 with the aim of democratising access to real estate ownership and investment.

Purple Real Estate Income Limited commenced operations in 2014 and was responsible for developing the Maryland Mall, a Grade-A mixed-use centre that boasts the largest outdoor LED screen in West Africa.