UPDC declares 177% income growth

UPDC, a foremost real estate firm and subsidiary of UAC, has declared 177% income growth resulting from placement of excess cash generated particularly from plot sales in the Hampshire and Pinnock Prime Estates. At a briefing in Lagos, the CEO, Odunayo Ojo, stated that the firm has been improving despite economic challenges in its over […]

UPDC, a foremost real estate firm and subsidiary of UAC, has declared 177% income growth resulting from placement of excess cash generated particularly from plot sales in the Hampshire and Pinnock Prime Estates.

At a briefing in Lagos, the CEO, Odunayo Ojo, stated that the firm has been improving despite economic challenges in its over 30 years of existence.

He stated that though UPDC had setbacks, it is on its way to recovery and profitability.

“We instituted a few strategies especially when there was a change of leadership in 2021, we started looking at revenue diversification which led us to deepening our investment in property development, management and advisory services,” he explained.

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He also stated that the firm has refocused its interest from High-end areas such as Ikoyi and Victoria Island, adding, “We realised that the critical part of the market was in the middle class.

“We have also refocused our attention to Nigerians in the diaspora. We are playing our own part so that remittances from abroad can be improved and we are making sure Nigerians in diaspora have the opportunity to invest back home.”

He stated that the rate of growth of the company has been tremendous over the last three years, citing a 15.6% increase in revenue from 2018.