HEREL Restricted, a subsidiary of VFD Group posted a 702 % progress in its pre-tax revenue in 2024. The corporate throughout its third Annual Normal Assembly (AGM) on 27 June 2025, reported the rise whereas setting plans for growth into new markets.
The corporate, which operates in actual property and hospitality, posted a revenue earlier than tax of N3.04 billion, up from N379 million in 2023. The numerous progress was pushed by a good worth achieve of N5.62 billion and enhancements in operational effectivity. Gross income rose from N6.93 billion to N17.38 billion, whereas web revenue after tax elevated to N2.35 billion from N182 million.
Kelvin Orogun, Chairman of the Board, in his remarks described 2024 as a “pivotal 12 months” for the corporate. He stated, “We recorded a Revenue Earlier than Tax (PBT) progress of 702% year-on-year to N3.04 billion, primarily pushed by a big honest worth achieve of N5.62 billion. Our gross income grew by 151%, reaching N17.38 billion from N6.93 billion in 2023, demonstrating our continued means to ship worth throughout each our actual property and hospitality portfolios.”
Orogun additionally introduced a debt-to-equity conversion via a rights challenge, which diminished complete liabilities by 36% and elevated fairness by 48%. He added that complete belongings rose by 7%, primarily from elevated receivables from property gross sales.
“These achievements usually are not simply monetary markers; they mirror the resilience of our technique, the standard of our management, and the boldness of our stakeholders,” he stated. “We’re coming into 2025 with a robust basis, a transparent imaginative and prescient, and a renewed dedication to delivering excellence.”
Chioma Esike, Managing Director, spoke on the corporate’s operations. She confirmed that the HEREL Mansions venture in Ikoyi had bought out, whereas different developments are ongoing. These embrace Aqua Level at Mojisola Onikoyi, Status at Hampton in Ikate, and Banana Island residences. All function 5-bedroom houses focused on the premium property market.
She additionally shared updates on the agency’s hospitality operations. “HEREL Play, our way of life and leisure hub at 14 Ruxton Highway, Ikoyi, has shortly grow to be a vibrant vacation spot for households, professionals, and younger creatives,” she stated.
In Lekki, the Boardroom Residences now presents 16 flats in studio, one-bedroom, and two-bedroom choices, together with a gathering room, café, rooftop restaurant, spa, and different companies.
“With a 48 per cent enhance in fairness and a 36 per cent discount in liabilities, we’re coming into our subsequent progress section on a robust monetary footing,” she added.
In line with the corporate, retained earnings shall be reinvested to fund capital-intensive tasks and preserve enterprise operations.
HEREL tasks over 500% revenue progress in 2025, citing pricing technique, environment friendly venture supply, and reinvestment plans. The corporate can also be exploring new markets, with early-stage partnerships underway in South Africa, Ghana, and the UK
