In order to ensure that maximum value and return on investment is derived on clients’ properties and estates, the Board and Management of UPDC Plc, has set plans in expanding its asset management subsidiary, improving its cash flow and ultimately start paying dividends to shareholders.
The company disclosed this to capital market stakeholders during its Facts behind the Figures platform of Nigerian Exchange (NGX).
Making his presentation, the Chief Executive Officer, Odunayo Ojo, said following the conclusion of the company’s restructuring in the first half of the year, the management of UPDC will focus on its key strategic initiatives which include; Property Development, Development management and other Real Estate Advisory services, Disposal of low yielding investment properties and existing Inventory, Sale of Festival Hotel at Festac and Asset Management.
While explaining that UPDC has established a development track record commission of diverse asset mix in the retail, commercial residential and hospitality sectors, Ojo said that the company distributed its stake in UPDC REIT to shareholders in 2020, giving UPDC shareholders direct stake in UPDC REIT Plc.
Presenting the company’s financials and future plans of the company, Chief Financial Officer at UPDC Plc, Folakemi Fadahunsi, said although the company’s revenue decline was as a result of its focus to dispose of its old inventory to unlock funding for new developments.
Earlier in his opening remark, the Divisional Head, Listings Business, NGX, Olumide Bolumole, noted that the market is driven by timely, relevant, and accurate information, interactions with the market are vital for transparency, price discovery and overall performance of securities.
Commending UPDC Plc on their performance, Bolumole expressed delight at the significant milestone UPDC achieved with the successful conclusion of the N16 billion rights issue last year, proceeds of which were used to strengthen the capital base and position the company for growth.
