Shelter Afrique Posts Record Profits Despite Naira Crisis
Shelter Afrique, a pan-African financier of affordable housing and urban development, has demonstrated remarkable resilience by posting record profits for the second consecutive year, even as the ongoing Naira crisis continues to impact markets across West Africa.
The company’s latest financial results show a profit after tax of $4.95 million for the fiscal year ended December 2024. This notable achievement follows a profit of $1.36 million in the previous year, representing a 263% year-on-year increase. The robust profitability underscores Shelter Afrique’s ability to adapt to adverse macroeconomic conditions while continuing to deliver value for shareholders and stakeholders across the continent.
Crucially, the sector faced considerable headwinds in Nigeria, the company’s largest market, where the devaluation of the Naira and high inflation have triggered turbulence in the broader housing finance ecosystem. Despite these tough circumstances, Shelter Afrique’s portfolio not only remained strong but also expanded its operations, reaffirming its commitment to tackling the continent’s pressing housing deficit.
The company attributes its strong performance to prudent risk management, a flexible investment strategy, and a focus on diversification across various African markets. Speaking about the results, the Shelter Afrique Managing Director and CEO said: “This achievement is a testament to the hard work of our team and our partners, as well as our unwavering focus on sustainable growth despite the volatile economic environment.”
Shelter Afrique’s financial metrics are especially noteworthy given the broader picture of African housing finance, which is still grappling with currency volatility, high cost of capital, and persistent demand-supply mismatches. The company’s continuing evolution includes the development of creative financing models, deeper partnerships with local authorities, and a push towards climate-resilient housing.
The organization is now setting its sights on long-term sustainability in a rapidly urbanizing Africa, with plans to further scale up investments in affordable housing projects, bolster local currency financing solutions, and strengthen corporate governance across its operations.
As Shelter Afrique celebrates not only robust financial results but also its impact in regions deeply affected by economic shocks, its performance sets a benchmark for how development finance institutions can operate successfully amid adversity.
Team V.INO-LNK
