A real estate development and hospitality company, HEREL Limited, has reported a 702 per cent increase in profit before tax, reaching ₦3.04 billion, driven by a ₦5.62 billion fair value gain and improved operational efficiency.
This was at its third Annual General Meeting (AGM), highlighting a year of growth, strategic execution, and forward-looking momentum. Driven by a vision to inspire a new era of elevated living, the company continues to enrich lives, build vibrant communities, and set new standards in the real estate and hospitality industry.
The firm also reported that its gross revenue rose to ₦17.38 billion, while net profit after tax climbed to ₦2.35 billion from ₦182 million in 2023. Despite the strong financial results, no dividend was declared, as retained earnings will be reinvested to support capital-intensive developments and ensure smooth business operations.
Chairman of the Board, Mr. Kelvin Orogun, outlining key milestones, said, “2024 was a pivotal year for HEREL. We recorded a Profit Before Tax (PBT) growth of 702 per cent year-on-year to ₦3.04 billion, primarily driven by a significant fair value gain of ₦5.62 billion. Our gross revenue grew by 151 per cent, reaching ₦17.38 billion from ₦6.93 billion in 2023, demonstrating our continued ability to deliver value across both our real estate and hospitality portfolios.”
He said that the balance sheet was further strengthened by a successful debt-to-equity conversion through a rights issue, resulting in a 36 per cent reduction in total liabilities and a 48 per cent increase in equity. Additionally, our total assets rose by 7 per cent, largely due to increased receivables from property sales.
Managing Director, HEREL, Mrs. Chioma Esike, added that the company recorded a strong financial performance in 2024, with pre-tax profit rising by 702% to ₦3.04 billion from ₦379 million in 2023, and net profit after tax reaching ₦2.35 billion. She attributed the growth to fair-value gains, improved efficiency, and a committed team. She added that their five-bedroom projects at Aqua Point, Prestige at Hampton, and Banana Island are progressing steadily.
She further highlighted HEREL’s growing presence in the hospitality space, stating that developments have strengthened HEREL’s positioning in the hospitality sector while reinforcing our brand promise.
