UPDC Revenue Surges 121% on Property Sales in Brompton City, Lekki

UPDC PLC, the property development associate of UAC of Nigeria PLC, posted a 121% year-on-year surge in revenue to ₦11.8 billion in 2024, buoyed by significant property sales at its flagship Brompton City project — a 30-hectare mixed-use development in Lekki, Lagos.

The performance marks a sharp recovery for the real estate firm, which had posted ₦5.3 billion in revenue the previous year. Profit before tax rose to ₦1.3 billion, more than triple the ₦380 million recorded in 2023 while operating profit more than doubled to ₦1.1 billion.

The result reflects renewed demand for high-end real estate in key urban corridors, especially within Lagos’ fast-growing Lekki-Epe axis. Brompton City, UPDC’s largest development to date, combines residential, commercial, and retail units and has attracted strong interest from both investors and occupiers seeking premium infrastructure and gated community living.

UPDC’s performance was further supported by improved revenue from hotel services and facility management fees, underlining a shift toward more diversified and recurring income streams within its portfolio.

UAC of Nigeria PLC, which owns a 42.6% stake in UPDC, highlighted the property company’s strong top-line growth in its 2024 audited results, released on March 28. The conglomerate described the improvement as a sign of disciplined project execution and stabilizing investor confidence in Nigeria’s real estate sector, which has endured headwinds from inflation, currency volatility, and elevated financing costs.

While macroeconomic risks remain, UPDC’s performance has opened a more optimistic outlook for the company’s future projects. Analysts say its growing focus on integrated urban developments in high-demand locations may position it to benefit from Lagos’s population expansion and housing deficit.

The company is expected to provide further details on the project pipeline and sales momentum during UAC’s investor conference call scheduled for April 3.