Purple Real Estate group releases its unaudited results for the first quarter ended 31 March 2022

Purple Real Estate Income Limited (‘Purple Group’ or ‘Purple’ or ‘PREIL’) announced its unaudited results for the first quarter ended 31 March 2022.

Consolidated Income Statement

• Total revenue of N1.9 billion, up 530.7% year-on-year (Q1 2021: N302.6 million)
• Cost of sales of N1.1 billion (Q1 2021: N19.2 million)
• Gross profit of N773.9 million, up by 173.1% year-on-year (Q1 2021: N283.4 million)
• Other income increased by 9.0% to N43.9 million year-on-year (Q1 2021: N40.3 million)
• Administrative expenses grew by 31.4% to N302.9 million year-on-year (Q1 2021: N230.5 million)
• Operating profit of N505.0 million, up 486.9% year-on-year (Q1 2021: N86.0 million)
• Profit before tax of N342.6 million (Q1 2021: – N94.9 million)

Consolidated Statement of Financial Position

• Total assets of N33.8 billion, up 98% year-on-year (Q1 2021: N17.0 billion)
• Total liabilities of N24.5 billion, up 171.8% year-on-year (Q1 2021: N10.3billion)
• Shareholders’ funds of N9.4 billion (Q1 2021: N6.6billion)
• 2022 interim dividend of N185.5 million at 6 kobo per share (2021 interim dividend of N142.3 million at 22 kobo per share)

Key Ratios

• Gross profit margin of 40.5% (Q1 2021: 93.7%)
• Cost to income ratio of 75.8% (Q1 2021: 84.9%)
• Operating profit margin of 26.5% (Q1 2021: 28.4%)
• EBITDA margin of 27.0% (Q1 2021: 30.8%)
• Profit before tax margin of 17.9% (Q1 2021: 31.3%)
• Leverage ratio of 44.8% (Q1 2021: 52.6%)