Haldane McCall Plc Reports 168% Surge In Profit Before Tax To N1.01bn

Haldane McCall Plc has reported a remarkable 168 percent increase in profit before tax, reaching N1.01 billion for the 2024 financial year, compared to N378 million recorded in 2023.

The real estate and hospitality company recently disclosed its audited results on the Nigerian Exchange Limited (NGX), showcasing a strong financial performance driven by increased revenue and strategic business decisions.

The company’s net profit soared by 164 percent to N679.6 million, up from N256.96 million in 2023. This impressive growth was attributed to a surge in revenue and the company’s divestment from non-core businesses, which contributed N20.82 million during the year.

Revenue for the year climbed by 109 percent to N3.64 billion, compared to N1.74 billion in 2023. This increase was largely fuelled by a 156 percent rise in the sale of land and buildings, which generated N2.68 billion in 2024, up from N1.05 billion the previous year. The sale of land and buildings accounted for 73.6 percent of the company’s total revenue, an increase from 60.27 percent in 2023.

In recognition of its strong financial performance, the board of Haldane McCall has proposed a dividend pay-out of N220.588 million, representing 32.5 percent of the profit after tax. Shareholders are set to receive a dividend of seven kobo per share for the 2024 financial year.

The company’s balance sheet also reflected growth, with total assets rising by 22.8 percent to N21.99 billion, compared to N17.91 billion in 2023.

Group Managing Director of Haldane McCall, Dr. Edward Akinlade, expressed satisfaction with the company’s performance, stating, “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.”

Despite operating in a challenging global economic environment, Haldane McCall noted that 2024 tested its resilience and adaptability. The company highlighted the impact of global supply chain disruptions, rising operational costs, and Nigeria’s growing housing deficit as key factors influencing its business operations.

Reflecting on the year’s performance, the company described 2024 as a period of solid and significant growth, 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 remarkable growth in our financial metrics, which is a testament to our robust business model and the effectiveness of our strategic initiatives,” the company stated.