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Saturday, December 9, 2023

Purple Real Estate Revenue Down 76% in Q3 on Lower Nano Sales

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Purple Real Estate Income Plc, has reported a 76% slide in revenues in the third quarter (Q3) of 2023, on lower sales of its Lekki Nano apartments.

Purple which completed its listing and started trading on NASD as a Real Estate Company on 23 March 2023, reported revenue of N1.24 billion in Q3, 2023, down from N5.29 billion in the 2022 period.

Gross profit for the period fell by 50% to N1.24 billion, however net profit came in 124% higher at N2.9 billion, largely on revaluation gains of N3.73 billion booked by the firm.

Purple’s interest expense on debt facilities rose 88% to N945.85 million, as borrowings surged to N23.73 billion.

Purple Real Estate Income Plc invests in the development, management, and acquisition of multi-purpose properties and infrastructure. The firm is responsible for developing the Maryland Mall.

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