UPDC to pay N859m dividend

Larry Ettah

UACN Property Development Company Plc has received the approval of its shareholders to pay N859.4 million as dividend to its shareholders for the 2014 financial year.

The shareholders approved the dividend, which translates into 50 kobo per share, at the company Annual General Meeting in Lagos.

UPDC had declared the dividend after growing its revenue to N10.08bn in 2014 from N9.33bn a year earlier.

The company pre-tax profit had declined, however, from N4.38bn to N2.04bn, a development it attributed to the challenges in the industry.

The Chairman, UPDC, Mr. Larry Ettah, told shareholders at the AGM that despite the challenges in the industry, the company was confident of creating greater value for them.

This, according to him, is because the company is implementing new strategies to enable it take advantage of emerging opportunities in the industry.

He told the shareholders that the operating environment was fraught with challenges such as the high cost of funding, title uncertainties and inadequate mortgage financing as well as the dearth of infrastructure.

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