Profits up 98% at Union Homes

The achievement, a 98% increase from its previous year performance, was published in the institution’s recently released unauduted results.
The performance shows that Union Homes’ Gross Earnings grew from N5, 451 billion in the previous year, to N5, 592 billion in 2007. The Interest Paid declined from N3, 217 billion to N3, 047 billion, while the Operating Income shot up by 14% growth, from N2, 234 billion in 2006, to N2, 545 billion in 2007. The institution’s 2007 Profit Before Tax was N1, 711 billion, from N864 billion in 2006, while the Profit After Tax moved up from N716 billion in 2006, to N1, 420 billion in 2007.
It is note-worthy that despite housing development set backs, namely progressive rise in the cost of building materials, urban fire incidents, rampant buildings collapse, and flooding, which characterized the period under review, Union Homes remained focused, and made remarkable progress in its housing projects. These projects include; the renovation and sale of its flats at its Awolowo Road Towers, Ikoyi, Lagos, and in 1004 Estate, Lagos, in which the institution has a substantial investment. During the period, Union Homes also acquired 50.54 hectares of land for a proposed major housing scheme in Ajah, Lekki, Lagos.
On account of its impressive financial profile, returns on investment, comprehensiveness and innovativeness, in 2007, Union Homes emerged the first-ever winner of the Nigerian Stock Exchange President’s Merit Award, in the Real Estate Category.

The institution, also the first public quoted primary mortgage institution in Nigeria, has introduced a new product in the nation’s housing market. Known as Home Equity Mortgage (HEM), the new product aims at enabling home owners with good titles on their property, to grow wealth, using the equity of their existing houses.

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