HEREL Limited held its 3rd Annual General Meeting (AGM) on 27 June 2025, reporting a 702% increase in profit before tax and unveiling plans to expand into new markets.
The real estate and hospitality firm posted a profit before tax of ₦3.04 billion, up from ₦379 million in 2023. The significant growth was attributed to a fair value gain of ₦5.62 billion and improved operational efficiency. Gross revenue rose from ₦6.93 billion to ₦17.38 billion, while net profit after tax grew to ₦2.35 billion from ₦182 million.
Board Chairman Kelvin Orogun described 2024 as a “pivotal year” for the company. “We recorded a Profit Before Tax (PBT) growth of 702% year-on-year to ₦3.04 billion, primarily driven by a significant fair value gain of ₦5.62 billion. Our gross revenue grew by 151%, reaching ₦17.38 billion from ₦6.93 billion in 2023, demonstrating our continued ability to deliver value across both our real estate and hospitality portfolios,” he said.
Orogun also announced a debt-to-equity conversion via a rights issue, reducing total liabilities by 36% and boosting equity by 48%. He noted a 7% increase in total assets, largely due to increased receivables from property sales.
“These achievements are not just financial markers; they reflect the resilience of our strategy, the quality of our leadership, and the confidence of our stakeholders,” he said. “We are entering 2025 with a strong foundation, a clear vision, and a renewed commitment to delivering excellence.”
Managing Director Chioma Esike spoke on operations, confirming the HEREL Mansions project in Ikoyi had sold out. Ongoing developments include Aqua Point at Mojisola Onikoyi, Prestige at Hampton in Ikate, and Banana Island residences — all comprising 5-bedroom homes for the premium market.
She also highlighted progress in hospitality. “HEREL Play, our lifestyle and recreational hub at 14 Ruxton Road, Ikoyi, has quickly become a vibrant destination for families, professionals, and young creatives,” she said.
In Lekki, the Boardroom Apartments now offers 16 apartments in studio, one-bedroom, and two-bedroom options, with a meeting room, café, rooftop restaurant, spa, and additional services.
“With a 48 per cent increase in equity and a 36 per cent reduction in liabilities, we are entering our next growth phase on a strong financial footing,” she added.
The company stated that retained earnings will be reinvested to support capital-intensive projects and maintain operations.
HEREL forecasts over 500% profit growth in 2025, citing pricing strategy, efficient project delivery, and reinvestment plans. It is also exploring new markets, with early-stage partnerships underway in South Africa, Ghana, and the United Kingdom.
