HEREL Limited, a premium real estate development and hospitality company dedicated to redefining experiences in physical spaces and communities, held its 3rd Annual General Meeting (AGM) on June 27, 2025, highlighting a year of remarkable growth, strategic execution, and forward-looking momentum. Known for combining design excellence, superior build quality, timely delivery, and exceptional customer service, HEREL crafts spaces and experiences that reflect timeless elegance and elevate everyday living. Driven by a vision to inspire a new era of elevated living, the company continues to enrich lives, build vibrant communities, and set new standards in the real estate and hospitality industry.
At its 3rd Annual General Meeting, HEREL Limited reported a 702% increase in profit before tax, reaching ₦3.04 billion driven by a ₦5.62 billion fair value gain and improved operational efficiency. Gross revenue rose to ₦17.38 billion, while net profit after tax climbed to ₦2.35 billion from ₦182 million in 2023. Despite the strong financial results, no dividend was declared, as retained earnings will be reinvested to support capital-intensive developments and ensure smooth business operations.
In his address to shareholders, the Chairman of the Board, Mr Kelvin Orogun reflected on HEREL’s outstanding performance in 2024 and outlined key milestones achieved: “2024 was a pivotal year for HEREL. 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.
Our balance sheet was further strengthened by a successful debt-to-equity conversion through a rights issue, resulting in a 36% reduction in total liabilities and a 48% increase in equity. Additionally, our total assets rose by 7%, 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. We are entering 2025 with a strong foundation, a clear vision, and a renewed commitment to delivering excellence.”
HEREL’s Managing Director, Mrs. Chioma Esike, announced that the company recorded a strong financial performance in 2024, with pre-tax profit rising by 702% to ₦3.04 billion from ₦379 million in 2023, and net profit after tax reaching ₦2.35 billion. She attributed the growth to fair-value gains, improved efficiency, and a committed team. She added that premium 5-bedroom projects at Aqua Point, Prestige at Hampton, and Banana Island are progressing steadily.
She further highlighted HEREL’s growing presence in the hospitality space. “HEREL Play, our lifestyle and recreational hub at 14 Ruxton Road, Ikoyi, has quickly become a vibrant destination for families, professionals, and young creatives. With a swimming pool, football pitch, event spaces, restaurant, and lounges, it offers an immersive leisure experience. In Ikate Lekki, Boardroom Apartments, located on Prince Samuel Adedoyin Street, has positioned itself as a boutique hospitality destination featuring 16 elegantly designed apartments in studio, one-bedroom, and two-bedroom formats. The property also includes a fully equipped meeting room, a cozy café, rooftop restaurant, laundry services, and a rejuvenating spa.”
“These developments have strengthened HEREL’s positioning in the hospitality sector while reinforcing our brand promise,” she added. “With a 48 percent increase in equity and a 36 percent reduction in liabilities, we are entering our next growth phase on a strong financial footing.”
Looking ahead, the company plans to deliver major projects, with over 500 percent profit growth anticipated, fueled by pricing optimization, efficient delivery, and strategic reinvestments. HEREL is also exploring new international markets, with early-stage partnerships currently underway in South Africa, Ghana and the United Kingdom.
