Haldane McCall Posts 30.2% Net Profit Rise to N540.87m on Property Investment

Haldane McCall Plc reported a 30.2 per cent rise in net profit to N540.87m for the nine months ended September 2026, up from N415.52m a year earlier, as revenue and property investment expanded. Punch Newspapers reported the results. Haldane McCall is a Nigerian publicly listed real estate and hospitality company that develops residential properties through Suru Homes Limited and operates Suru Express budget hotels across Lagos, with housing projects in Benin Republic.

Haldane McCall's Revenue and Asset Growth

Revenue rose 59.4 per cent to N2.90bn from N1.82bn in the corresponding period of 2025. Total assets expanded 55.4 per cent to N32.73bn. Property, plant and equipment increased to N19.36bn from N4.23bn, while inventories and work in progress rose to N11.58bn from N5.88bn, with notes attributing part of that growth to N5.71bn invested in properties under construction.

Cost of sales rose to N1.69bn from N406.97m, leaving gross profit at N1.21bn. Operating profit grew 37.1 per cent to N850.16bn, and other operating income reached N348.8m against N3.29m in 2025. After finance costs of N30.67m and income tax expense of N278.63m, net profit settled at N540.87m. Shareholders' funds stood at N25.50bn against total liabilities of N7.22bn.

Net cash used in operating activities reached N5.95bn compared with N191.35m in 2025, while net cash flow from investing activities was a positive N7.04bn and financing activities saw a net outflow of N825.12m, leaving cash and cash equivalents at N543.79m. Group Managing Director Dr Edward Akinlade said the investments in property development were designed to build long-term value, boost earnings capacity and position the company for sustainable growth through disciplined execution and operational efficiency.

Haldane McCall's Capital Raise and Earlier Results

According to akta.pro company records, shareholders approved a N250 billion capital raise via rights issue and debt issuance in May 2025 to scale housing and hotel projects across West Africa. The same records show FY2025 full-year revenue of N2.27 billion, down from N3.64 billion in 2024, and pre-tax profit of N754.8 million, down 25.6 per cent from N1.01 billion in 2024. Total assets stood at N21.99 billion as of 2024, a 22.8 per cent increase from N17.91 billion.

Mana Projects and Other Real Estate Peers

Mana Projects set a FY27 sales target of ₹3,000 crore after recording ₹1,400 crore in the first half, Whalesbook reported on October 23, 2026. Al Masaken International Real Estate Development posted a third-quarter net loss of 39,823 dinars, The future of trading reported on November 1, 2026. Jabal Omar Development recorded a quarterly net loss of 261.61 million riyals, the same outlet reported the same day. Hopson Development Holdings reported a 2025 loss attributable to shareholders of HK$11.741 billion, Moomoo reported on October 28, 2026.

Haldane McCall's West Africa Expansion Plan

Haldane McCall announced a West Africa strategic expansion plan in November 2025 to scale affordable housing and the Suru Express hotel brand across the region following the capital raise approval, according to the same records. The company's own announcement sets out the plan.