The Chairman of Wemabod Limited, Mr. Ibukun Emmanuel Efuntayo has on Friday said the company recorded a profit before tax (PBT) of N1,323,105,000 in year 2023.
Speaking at the 50th Annual General Meeting of Wemabod Limited, he also disclosed that the company proposed a dividend payment of N42,400,000.00 to the shareholders, translating to N1.63k dividend per share.
According to the Chairman, the company was able to achieve these, despite the considerable challenges faced in 2023.”
“Wemabod Limited achieved a profit before tax (PBT) of N1,323,105,000 (1 billion, three hundred and twenty-three million 0ne hundred and five thousand naira) in comparison to our 2023 budget of N423,000,000 (four hundred and twenty-three million naira). Dividend Proposal”, he said.
The Wemabod Chairman added, ” In light of our performance, we are pleased to propose a dividend payment of N42,400,000.00 (forty-two million, four hundred thousand naira) to our shareholders, translating to N1.63k dividend per share. Future Outlook.”
“Our journey this past year has been marked by significant challenges. Nigeria’s economic climate has been volatile, with key growth indicators fluctuating unpredictably. Inflationary pressures have persisted, driven by disruptions in the agricultural sector, energy issues, insecurity, and supply chain disruptions.”
He stressed “These factors have created a tough environment for businesses to thrive, making it particularly challenging to maintain consistent profitability.”
“Wemabod’s Resilience and Upward Trajectory”, adding, ” Despite these harsh conditions, Wemabod Limited has demonstrated remarkable resilience and has continued its upward trajectory.”
“In the face of economic instability, we have taken proactive measures to adapt and thrive. Analysts project that the value of global investable real estate will grow by an average of 5.2% annually over the next twenty years. This long-term optimism reaffirms the attractiveness of real estate investments, despite current macroeconomic shocks and political uncertainties.”
He maintained that Wemabod has
Speaking further, he stressed, ” Looking ahead, there are encouraging signs of optimism as the growth outlook has improved across all regions. Policy makers, businesses, and households continue to face challenges, including persistent inflationary pressures and stricter financial conditions.”
“However, with the recent election of President Bola Tinubu and his proactive measures, such as the removal of subsidies and the unification of forex, investor confidence is on the rise. We are optimistic that the real estate sector will thrive, and that the economy will achieve its projected growth rate of 5.2% in 2024.”
Speaking Mr Oluyemi Ejidiran assured the company’s investors, joint venture partners, and shareholders of the resolve of management and the Board of Directors to keep the spirit and hope of building a first-class real estate company alive.
At the 50th AGM, the company