UACN Property declares N.53bn dividend for 2007 year end

The figure, 39 percent higher than the previous year when 385 million was paid was applauded by share holders. The financial statement shows the company posted a turnover of N5.68 billion and a profit after tax of N1.42billion. These are all slight increases when compared to last year ended, December 31 2006 with turnover of N5.48 billion and profit after tax of N1.37 representing a three percent and four percent increase respectively.

Chairman of UACN Property Development Company plc Mohammed Wushishi, addressing shareholders, stated that the company as a market leader would continue to leverage on highly skilled and experienced human capital to guarantee profitability of projects by improving the quality of products and timeliness of delivery.

Reviewing the company’s operation, he pointed out that UPDC maintained her leadership position in the niche segment of the real estate sector of the economy.

He stated that some projects are in their varying stages of completion as at the year end and these include, Imperial Court, Park View Estate, Ikoyi; Trenchard Place situated on Gerrard Road, Ikoyi; Romay Gardens, Lekki Penisula and Victoria Mall and Plaza, Victoria Island, Lagos.

According to Wushishi, the company had operated under a Nigerian business environment that showed continuous improvement from what had been obtainable citing statistics to substantiate his position. "The year -on-year inflation figure for 2007 was 6.6percent against 8.5 percent for the preceding year. The economy achieved a single digit inflation figure for the year due to the appreciation o the naira against the US dollar, the improvement in other macro-economic variables in the economy and the proactive measures the CBN adopted to manage liquidity in the financial sector".

He noted also the challenges that had impinged on the growth potential of the economy in general and the real sector in particular as kidnappings in the Niger Delta area by militant youths and the fact that mortgage instruments for the industry has remained largely undeveloped with available mortgage instruments given at rates ranging between 15 percent to 20 per cent which was still high and not conducive for stimulating real sector growth.