Good day my people, we thank God for guiding us all through another year. This outgoing year 2024 was characterized by severe economic turmoil. We thought 2023 was bad enough, but 2024 surprised us in its negativity. Every economic indicators were showing that the country was still getting deeper in its economic woes, which was caused by government policy changes. Energy costs rose, cost of going around rose, and every other thing went up with them.
Consequently, the cost of materials, especially building materials because too high for most people. Building construction activities slowed down across the country, making other dependent business activities to also slow down. Some building projects had to stop totally. It will be noteworthy to state that this economic downturn affected our work at Tigerkenn Homes.
We could not meet up with a lot of our quoted jobs, due to the unrealistic nature of the budgets. Price rise continued to make a mess of ongoing projects to the extent that we had to discontinue some of our projects, as we were taking too much losses.
Also, due to the lack of disposable income of the masses, investment in landed properties became a venture reserved for the very rich only. As such we couldn't sell a lot of properties from our 2 estates, plus other lands we have for sale in other parts of the cities.
We also made conscious efforts to reposition our business, by investing in other sectors of the building industry value chain. We invested in shops, and stocked some stores with building materials. We are also continuing to re engeneer our operations to include more services, like the building and selling aspect of our services.
At the end of the year, we worked on about 8 buildings, completing 2 of them and handing them over to their new owners.
I wish to use this special opportunity to once again thank our clients, customers and suppliers. You were all great and really understood our plight in the past year 2024. Your patience and continued patronage is well appreciated. God will continue to bless you all.
We hope that 2025 will be better in the building industry, if the policies from the political class starts to bear fruits. We also urge you our investors to be patient with us as we continue to fine tune our services to serve you better. There is a very big space for more development.
Have a prosperity filled 2025 ahead.
Tigerkenn Homes Ltd.
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