UPDC Plc records highest profit growth among Nigeria’s listed construction and real estate companies in 2024

Key Takeaways:

  • The sector’s total PAT rose by 28% from ₦31.68 billion in 2023 to ₦40.49 billion in 2024.
  • Chapel Hill Denham Nigeria Infrastructure Debt Fund remained the top earner with ₦19.59 billion, despite a modest 4% year-on-year decline.
  • Julius Berger and UPDC REIT also posted strong profits, contributing significantly to the overall performance.
  • UPDC Plc recorded the strongest profit growth, surging by nearly 278% from ₦221.5 million in 2023 to ₦836.9 million in 2024.
  • Ronchess Global Resources Plc significantly narrowed its losses by over 64%, though it remained in negative territory.

In 2024, Nigeria’s construction and real estate sector had a broadly positive performance, marked by rising profitability across most listed companies. Chapel Hill Denham led the pack with ₦19.6 billion in profit, accounting for nearly half of the sector’s total, despite a slight dip from the previous year. Julius Berger saw a 24% rise in profit after tax (PAT), while UPDC REIT also reported a consistent growth of 24%.

UPDC Plc emerged as the standout performer, recording the highest year-on-year profit growth at 278%, signalling a strong turnaround. Other REITs, including UH REIT and SFS REIT, also posted improved earnings. Meanwhile, Ronchess Global Resources made progress by significantly reducing its losses, although it remained unprofitable.

Source:

NGX, Company’s Financial Report

Period:

2024
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