UPDC Real Estate Investment Trust has posted a net profit of NGN1.5 billion for the full year of 2016 against NGN3.0 billion reported in 2015.
This shows that its profit fell by 50% on a year on year basis.
The company reported NGN1.1 billion income from investment property compared to NGN1.6 billion recorded in the financial year 2015. Its interest income for the period was NGN750.2 million against NGN1.2 billion posted in the year before.
The real estate company said its net income for the period in review decreased to NGN1.8 billion in contrast to NGN3.3 billion reported in the year before. The company’s operating expenses was NGN331.9 million against NGN292.2 million posted in the year 2015.
UPDC REIT recorded NGN1.5 billion profit before tax for the financial year 2016 against NGN3.8 billion recorded in the fiscal year 2015.
UPDC REIT said it acquired NGN31.9 billion worth of assets in 2016 compared to 3NGN2.9 billion acquired in 2015. Its total liabilities for the period was NGN1.1 billion versus NGN1.9 billion posted in 2015.
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Company Information
UACN Property Development Company (UPDC) operated first as a Department, then as a Division of UAC of Nigeria Plc until 1997, when the business was incorporated as a public limited liability company and listed on the Nigerian Stock Exchange.
UPDC’s strategic thrust is the development and management of luxury, premium and classic apartments in selected cities in Nigeria. We approach property planning from the customers’ perspective to create comfortable living/working environments
