Shareholders of Haldane McCall Plc has approved the plan by the company to raise new equity and debt capital to boost capital base and fund expansions.
The plan included rights issue to increase share capital base and N250 billion debt instruments. The fund raising would be undertaken in tranches.
At the first annual general meeting after the company was listed at the Nigerian Exchange (NGX), shareholders also approved payment of N220.6 million as cash dividend, representing a dividend per share of 7.0 kobo.
The dividend payout represents 32.5 per cent of the profit after tax for the 2024 business year. Also, the company’s directors were all re-elected by the shareholders.
Group Managing Director, Haldane McCall Plc, Edward Akinlade, assured the shareholders of better days ahead.
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“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.
“Haldane McCall delivers N5b housing units in Nigeria, Benin Republic Haldane McCall partners govts, others on affordable housing Haldane McCall lists shares on stock exchange,” Akinlade said.
Chairman, Haldane McCall Plc, Chief George Oguntade explained that the company shall continue to support its stakeholders.
“Haldane McCall Plc is committed to positively change the real estate development landscape in Nigeria and equally contribute its quota in supporting both State and Federal Governments in bridging the massive housing deficit in the country. We will not rest on our laurels and with the support of all our partners and stakeholders, we will deliver a stronger performance next year,” Oguntade said.
A shareholder , Pastor William Adebayo, particularly commended the declaration of dividend, which he described as a vital source of income for shareholders. Other shareholders showered encomiums on the company’s board and management.
The company recorded 164 per cent in profit after tax from N256.96 million in 2023 to N679.6 million in 2024. 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 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.