Purple Real Estate reports 650.1% growth in PBT to N1.5bn
By Philemon Adedeji
Purple Real Estate Income Plc (Purple Group) has reported its unaudited financial results for the third quarter (Q3) ended September 30th, 2022 with N1.5 billion profit before tax (PBT), reflecting a growth of 650.1 per cent N198.2million reported in third quarter (Q3) of 2021.
The group in its profit & loss figures also reported N1.3billion profit after tax, up by 552.7 per cent from N198.1million reported in the corresponding period.
The growth in profits was driven by 207.8 per cent increase in gross earnings to N5.9billion as against N1.9billion reported in nine months of 2021.
A key driver of gross earnings growth was income earned from trading properties under development (73.4per cent of gross earnings) which grew year-on-year by 391.1 per cent to N4.4 billion (9M 2021: N886.4 million; 16.9 per cent of gross earnings).
The consolidated statement of financial position of Purple Group revealed N31.3billion in total assets as of September 30, 2022, representing an increase of 18.3 per cent from N26.4billion reported in 2021 financial year.
The growth in non-current assets to N25.6 billion as against N17.3 billion in 2021, was driven by a 47.9per cent growth in investment property to N25.2 billion from N17 billion in 2021.
Current assets declined by 38.5per cent to N5.6 billion from N9.1billion in 2021: N9.1 billion, driven largely by a reduction in trading properties under development and cash and cash equivalent balance which fell by 83.0per cent and 81.2per cent to N1.2 million (2021: N6.8 million) and N370 million (2021: N2billion), respectively.
As total liabilities stood at N21.2 billion, up 21.8per cent year-to-date from N17.4 billion reported in 2021, shareholders’ funds closed the period at N10 billion from N9 billion reported in 2021.
The Chief Executive Oûcer, Purple Real Estate, Mr Laide Agboola, in a statement said, “The strong performance in the second quarter of 2022 has been reinforced by our third quarter’s performance, and we have maintained very good momentum in practically all of our key measures as a result. Operationally, we expanded our clientele base and progressed on our core and peripheral business lines.
“As a Company with multiple revenue streams spanning principal investment, financial services, private equity, real estate and lifestyle development – which blends retail, family fun, e-commerce, entertainment, food and drinks, co-working, and accommodation.
“We are committed to investing heavily in the growth and improvement of our platform, leveraging technology and partnerships, and continuously enhancing the quality of service we provide to our clients to drive long-term sustainability.”
