Haldane McCall grows FY’24 profit by 168% to N1.01bn

…Shareholders to approve N220.6m dividend

Haldane McCall Plc on Thursday announced its audited financial statement for the full year ended December 31, 2024 with profit before tax at N1.01 billion, a significant increase of 168 percent when compared to N378 million reported in 2023 financial year.

The Real Estate and Hospitality company that was listed on the Nigerian Exchange Limited (NGX) by introduction closed 2024 financial year with a profit of N679.6 million, representing a significant increase of 164 percent 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, about 109percent increase over N1.74 billion in 2023, primarily driven by N2.68 billion from land and building sales in 2024, up by 156 percent from N1.05 billion in 2023.

Sales from land and building contributed about 73.6 percent 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 percent increase from N17.91 billion declared in 2023.

Read also: Dangote Cement, other major advancers drive N842bn gain on NGX

The company’s share price today gained a maximum of 50 kobo to close at N5.51 as one of the top 10 gainers following investors’ scramble for the shares:

“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”, said Edward Akinlade, Group Managing Director, Haldane McCall Plc.

The management in a statement submitted to the Nigerian Exchange Limited (NGX) as part of the Post Listing Requirements stated that 2024 unfolded against a backdrop of significant global economic challenges, a scenario that tested its resilience and adaptability in business.

The company in a statement said, “the global supply chain and consumer behaviour in the industry, we operate in term 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.

“Our revenue saw a significant increase of 110 percent in 2024 above that of 2023, and the profit after tax witnessed a 164percent increase, thus putting us at a total assets value of N21billion as at year end 2024, and represent an increase of about 23per cent growth over 2023 Financial Year,” the statement explained.

“The board has recommended the sum of of N220.587million which is 32.5 percent of the profit after tax as dividend to be paid to shareholders at N7k per share for the year 31, December, 2024”, according to the statement. This represents both Interim and Final dividend payment for the financial year.