Tag: Haldane McCall Plc

Haldane McCall Plc is concluding arrangements to raise about N250 billion in equity and debt capital to invest in new real estate projects in a bold move to narrow Nigeria’s housing deficit.

Group Managing Director, Haldane McCall Plc, Dr Edward Akinlade, said the new capital raising would be invested in affordable housing and other projects of the real estate and hospitality company. Haldane McCall is one of the two real estate companies listed on the Nigerian Exchange (NGX).

According to him, the company plans to partner with the Lagos State Government to deliver 650 affordable housing units under a public-private partnership (PPP).

To kickstart the initiative, Akinlade noted that the company will roll out the first tranche—worth N75 billion—of its N250 billion bond programme before the end of the year.

He said: “We plan to leverage the capital market. The Nigerian Exchange (NGX) offers access to much-needed funding. We’re working on the bond issuance process, including securing regulatory approvals and obtaining a bond rating before presenting it to the public. Progress is being made”.

He projected a post-tax profit of N1 billion for the 2025 financial year leveraging on its assets in both real estate and hospitality sectors.

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He pointed out that the hotel market in Lagos is lucrative and generates significant cash flow.

“Our approach is to collaborate with subcontractors and partners to deliver 650 units yearly. Over the next three years, we aim to invest N250 billion in the real estate sector. Additionally, our extensive land holdings in Lagos provide us with opportunities to unlock liquidity,” Akinlade said.

He also emphasized the need for government support in reducing construction costs, especially in the mid- to low-income housing segment.

He said: “The high cost of building materials is a major barrier. Introducing price controls, a measure adopted in many countries, could offer a solution”.

Deputy Group Managing Director,  Haldane McCall Plc, Abiola Elugbaju, noted that the company’s mission goes beyond constructing houses.

“We are building communities and delivering long-term value for our investors through innovative partnerships and sustainable investment strategies,” Elugbaju said.

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.