HEREL Limited, a subsidiary of VFD Group, has boasted a staggering 702% profit growth in pre-tax earnings for 2024. During its third Annual General Meeting, the firm revealed profit before tax reached ₦3.04 billion—up from ₦379 million in 2023—driven primarily by a ₦5.62 billion fair-value gain and tighter operational control The Guardian Nigeria+3The Guardian Nigeria+3Businessday NG+3.
Total gross revenue surged from ₦6.93 billion to ₦17.38 billion, while net profit after tax rose to ₦2.35 billion, compared to ₦182 million the previous year The Guardian Nigeria+1Businessday NG+1. These figures reflect a sharp increase in both property development and hospitality segments.
Chairman Kelvin Orogun described 2024 as a “pivotal year,” noting the profit before tax ballooned by 702% year-on-year. The board also announced a strategic move: a debt-to-equity conversion via a rights issue, reducing liabilities by 36% and increasing equity by 48%. Asset growth rose by 7%, thanks to strong property sales Businessday NG.
HEREL’s Managing Director, Chioma Esike, confirmed that their Ikoyi Mansions project sold out, and previewed new developments—including Aqua Point in Mojisola Onikoyi, Prestige in Ikate, and Banana Island residences. Each targets the premium market, signaling HEREL’s intent to dominate upscale real estate Businessday NG.
Looking ahead, HEREL outlines ambitious 2025 expansion. The company aims to replicate its success across high-end developments, including hospitality-driven assets. With healthier finances and lower debt, HEREL is positioned to capitalize on strong market demand and deliver excellence across its portfolio.
