UACN Property Development Company, UPDC, said it will take advantage of the 17 million housing deficit in the country to enhance its business and grow profitability within the year.
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Chairman, UPDC, Mr Larry Ettah, who made the declaration at the company's annual general meeting in Lagos, said, "The real estate business continues to be attractive with the huge housing deficit of about 17 million units, the growing population and the emerging middle class.
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"Partnership opportunities are also emerging across different segments of the market and your company is poised to take advantage of them."
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He announced that an impressive surge was recorded in the revenue in 2012 from N6.78 billion in 2011 to N12.04 billion, a 78 percent increase.
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Profit before tax for the year was N2.45 billion as against N2.39 billion in 2011, while profit after tax before non-controlling interests rose from N1.07 billion in 2011 to N2.18 billion, indicating an increase of 31 per cent.