Haldane McCall Grows Pre-tax Profit By 168% To N1bn

Haldane McCall Plc said its profit before tax grew by 168 per cent to N1.01 billion, when compared to N378 million reported in 2023 financial year.

The Real Estate and Hospitality company released its audited results on the Nigerian Exchange Limited (NGX).

The board of the Company proposed the sum of N220.588 million, which is 32.5 per cent of the profit after tax as dividend to be paid to shareholders at seven kobo per share for the year.

The company’s net profit stood at N679.6 million, representing a significant increase of 164 per cent from N256.96 million declared in 2023. The growth in profits were driven by increase in revenue and the management divestment in non-core business which generated N20.82 million in the year under review.

Haldane McCall in 2024 declared N3.64 billion revenue, a 109 per cent increase over N1.74 billion in 2023, primarily driven by N2.68 billion sale of land and building in 2024, up by 156 per cent from N1.05 billion in 2023.

Sale of land and building contributed about 73.6 per cent of the company’s overall revenue in 2024 as against 60.27 per cent in 2023.

From the balance sheet position, total assets of Haldane McCall closed 2024 at N21.99 billion, about 22.8 per cent increase from N17.91 billion declared in 2023.

Group managing director of Haldane McCall, Dr. Edward Akinlade said, “we are thrilled with our 2024 financial results, which demonstrate the effectiveness of our business strategy and the strength of our brand. We remain committed to delivering exceptional value to our customers, investors, and stakeholders, while driving growth and innovation in Nigeria’s real estate and hospitality sectors.”

Haldane McCall stated that 2024 unfolded against a backdrop of significant global economic challenges, a scenario that tested its resilience and adaptability in business.

It added that, “the global supply chain and consumer behaviour in the industry, we operate in terms of operational cost, and the associated factors is well evidenced in the critical gap we currently experienced in our National Housing Needs which has been experiencing a huge deficit.”

On the 2024 financial year performance, the company stated that it was a year of solid and significant performance, underpinned by strong commercial momentum and strategic operational efficiencies.

“Our financial results reflect not only our resilience in the face of a challenging economic environment, but also our commitment to continuous growth and value creation. We experienced a remarkable growth in our financial metrics which is a good testament to our robust business model and effectiveness of our strategic initiatives.” the company explained.