Haldane McCall nets N642m profit amid expansion plan

Haldane McCall Plc has reported a profit after tax of N642.5 million for the financial year ended December 31, 2025, reaffirming the resilience of its earnings profile while positioning the business for accelerated growth through increased investments in real estate developments in Nigeria and select international markets.

According to the company’s audited financial results, revenue for the year stood at N2.28 billion, compared with N3.64 billion in 2024, reflecting slower property sales during the period amid prevailing macroeconomic conditions. Despite the moderation in top-line performance, the company delivered strong profitability, supported by improved cost efficiency and enhanced margins.

Cost of sales declined significantly to N471.0 million, from N1.58 billion in the previous year, resulting in a gross profit of N1.81 billion and expanding the gross margin to approximately 79 percent, up from about 56 percent in 2024. The improvement underscores the company’s disciplined cost management and operational efficiency.

Consequently, operating profit rose to N754.9 million, while total comprehensive income stood at N563.6 million, highlighting the company’s capacity to sustain earnings momentum and preserve shareholder value despite a softer revenue environment.

Administrative expenses remained tightly controlled at N1.05 billion, slightly below the N1.07 billion recorded in 2024, further reflecting management’s commitment to maintaining cost discipline while supporting strategic growth initiatives.

The company’s balance sheet remained robust during the year. Total assets stood at N21.83 billion, broadly stable compared with N21.99 billion in 2024, while shareholders’ equity increased to N17.15 billion, up from N16.66 billion, supported by retained earnings growth and a N110 million revaluation reserve gain.

Inventories rose to N6.62 billion, reflecting ongoing construction and development activities across the company’s expanding real estate portfolio. Meanwhile, total liabilities declined to N4.68 billion, from N5.34 billion, further strengthening the company’s capital structure and financial flexibility.

In line with its commitment to delivering shareholder returns, the Board of Directors has recommended a dividend of 0.05 kobo per share which amounting to N156.1 million for the 2025 financial year, subject to shareholder approval.

Commenting on the results, Edward Akinlade, Group Managing Director of Haldane McCall Plc, expressed confidence in the company’s growth outlook, noting that the group is intensifying investments in both domestic and international property developments.

“We remain optimistic about the future of the business. Our continued investment in high-quality real estate developments in Nigeria and selected offshore markets positions the company for stronger revenue growth and long-term value creation,” Akinlade said.

He added that the company is expanding its project pipeline to capture opportunities in Nigeria’s housing market while pursuing select offshore developments aimed at diversifying revenue streams and enhancing long-term shareholder value.