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.
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.