Purple Real Estate Income Plc (‘Purple Group’ or ‘Purple’ or ‘The Group’) has announced its audited results for the half year ended 30 June 2022, recording significant growth during the period under review.

It recorded a gross earnings of ₦4.7 billion, up by 157.5% (H1 2021: ₦1.8 billion). A key driver of gross earnings growth was income earned from trading properties under development (70.5% of gross earnings) which grew year-on-year by 391.0% to ₦3.3 billion (H1 2021: ₦676.1 million).

Commenting on the performance, the Chief Executive Officer, Mr Laide Agboola, stated:“Building on the momentum we achieved in 2021, we made significant progress during the first half of 2022 and reached several milestones as we expanded our client reach and developed more properties. This was accomplished despite a background of considerable geopolitical instability made worse by the conflict in Ukraine. This war has had a big influence on consumer spending, supply chains, overall inflation, exchange rate and energy prices.

“We remain committed to providing solutions that cater for the needs of our environment and young and vibrant population. The aim is to diversify our revenue streams through our real estate and lifestyle development businesses. Our focus is on strengthening growth through technology and partnerships, as well as improving our capital base. We look forward to progressing further during the year.”

Other drivers of gross earnings include: Rental income (5.8% of gross earnings) of ₦273.8 million (H1 2021: 288.9 million), down marginally by 5.2% as a result of concessions given to tenants to help alleviate the adverse economic conditions in the country.

Also, its revenue from services to tenants (7.2% of gross earnings) grew significantly by 87.2% to ₦337.1 million from ₦180.1 million in H1 2021 driven by the rise in diesel and electricity rates in 2022.

In addition, its Total other income (16.6% of gross earnings) grew by 14.0% to ₦779.8 from ₦684.1 million recorded in H1 2021 on higher impairment write-backs of ₦273.8 million (H1 2021: ₦147.2 million).