Tag: Haldane McCall

Haldane McCall Plc has commenced an ambitious strategic expansion plan to scale its affordable housing developments and strengthen its “Suru Express” hotel brand across West Africa.

The move followed shareholder approval in May 2025 for a N250 billion capital raise through a rights issue and debt issuance, aimed at accelerating housing and hotel projects in high-demand urban markets.

The company indicated that it was developing a 1,200-unit residential project in Majidun, Lagos, after successfully delivering 48 housing units in Porto Novo, Benin Republic, and 34 units in Ketu, Lagos.

Expansion of the Suru Express brand remains central to its growth strategy, with new hotels planned across major Nigerian cities to meet the rising demand for affordable, quality accommodation.

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Group Managing Director, Haldane McCall Plc, Dr Edward Akinlade, said the expansion strategy was about scale and sustainability.

He said: “We are investing in the communities we serve, building affordable homes and reliable hotels that reflect the aspirations of a growing West African middle class.

The fresh capital injection allows us to accelerate project delivery, grow our Suru Express footprint, and deliver consistent value for our shareholders.”

Haldane McCall’s expansion was underpinned by its 2024 performance, following its listing on the Nigerian Exchange (NGX) in November 2024. The company recorded a 109 per cent increase in revenue to N3.64 billion, with profit before tax rising by 168 per cent to N1.01 billion and total assets up 22.8 per cent to N21.99 billion. It paid N220.6 million dividend, reflecting a 32.5 per cent payout ratio.

With assets nearing N22 billion and an expanding project pipeline, Haldane McCall assured that it has positioned to benefit from rising urbanisation and increasing demand for affordable housing and hospitality across West Africa.

Analysts said that the combination of asset-backed growth, recurring income streams, and transparent market listing on the Nigerian Exchange (NGX) would make Haldane McCall an attractive long-term investment opportunity in Nigeria’s evolving property and hospitality sectors.

Haldane McCall Plc grew pre-tax profit by 168 per cent in 2024 to N1.01 billion as the real estate company saw significant expansion in revenue and business portfolio.

Key extracts of the audited report and accounts of Haldane McCall for the year ended December 31, 2024 showed that 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.

Sale of land and building contributed about 73.6 per cent 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 per cent increase from N17.91 billion declared in 2023.

Group Managing Director, Haldane McCall Plc, Dr Edward Akinlade, said the results demonstrated the company’s resilience.

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“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, “ Akinlade said.

He said the company’s performance was underpinned by strong commercial momentum and strategic operational efficiencies.

Said he: “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 per cent in 2024 above that of 2023, and the  profit after tax witnessed a 164 per cent increase, thus putting us at a total assets value of  N21 billion as at year end 2024, and represent an increase of about 23 per cent  growth over 2023 financial year”.

The board has recommended the sum of N220.59 million, which is 32.5 per cent of the profit after tax as dividend to be paid to shareholders, representing dividend per share of 7.0 kobo.

Haldane McCall Plc has completed 48 affordable housing units as part of its commitment to addressing the housing needs across West Africa.

The newly completed projects, valued at N2.4 billion, included 48 affordable housing units in Porto Novo, Benin Republic, and earlier in the year another 34 units was completed and sold for N2.5 billion at ketu, Lagos.

In the new year the company will commence phase 1 of it 1,200 affordable home projects strategically located in Majidun, ikorodu , Lagos , Nigeria.

Managing Director, Haldane McCall Plc, Dr Edward Akinlade, said the housing developments reflect the company’s dedication to creating high-quality, accessible housing solutions that cater to the growing demands of the regions’ diverse population.

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“This milestone underscores our commitment to delivering sustainable housing solutions that empower communities and enhance the standard of living, By focusing on affordability and quality, we are not only supporting the government to bridge housing deficit through affordable houses , but also contributing to economic development of Nigeria and indeed African region,

“The projects align with Haldane McCall’s long-term strategy of balancing shareholder value with societal impact. Shareholders and investors can view this achievement as a testament to our robust operational efficiency and financial prudence, particularly in executing large-scale projects that generate significant economic and social returns.

“Haldane McCall remains a trusted leader in the real estate and hospitality sectors, with a proven track record of delivering value to customers, shareholders, and stakeholders. As part of its broader vision, the company continues to prioritize innovative, sustainable, and impactful developments in its portfolio,” Akinlade said.

• N250b fund for new estates nationwide

Newly listed real estate group, Haldane McCall Plc, has started a multi-stakeholder partnership aimed at building new real estate projects across the country.

The partnership, which included stakeholders such as the federal government, the Lagos State Government and Nigeria Labour Congress (NLC) among others, is expected to lead to development of more than 10,000 housing units across the country, with a priority on affordable model.

Group Managing Director, Haldane McCall Plc, Dr Edward Akinlade, said the company, which was listed on the Nigerian Exchange (NGX) last month, plans to float a N250 billion bond and access other amenable finance to kickstart massive housing development from next year.

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Speaking on the company’s vision for tackling Nigeria’s massive housing deficit, Akinlade said Haldane McCall has embarked on an ambitious plan that would galvanise major stakeholders in Nigeria and beyond into affordable housing.

“We have a huge plan next year. One is the plan to raise a N250 billion bond, in tranches of N25 billion. The purpose of it is to fund affordable housing,” Akinlade said.

According to him, the bond will support the construction of thousands of affordable homes, with partnerships already underway with entities such as the NLC and Lagos State Government.

He said Haldane McCall plans to build 12,500 homes, a significant contribution to addressing the country’s housing crisis.

In Lagos alone, Akinlade highlighted the stark reality of the housing deficit, citing the late Governor Lateef Jakande’s 16 million housing shortfall, which has since ballooned to an estimated 25 million due to population growth.

“We want to start by delivering about 1,200 units in the next five years. With the bond, we can do substantially more. It’s about reversing a trend and proving that real estate can be funded through the capital markets,” Akinlade said.

He noted that while Haldane McCall is well-known for its real estate ventures, it also has a strong foothold in the hospitality industry, with three hotels across Lagos.

He added that despite the current economic challenges, including rising energy costs and inflation, the company is expanding its hotel portfolio.

Said he: “We are planning to have four more hotels in Lagos, and two in Abuja in the next two years. We also want to play big in the affordable homes market in Nigeria”.

He said the hospitality sector is feeling the pressure of Nigeria’s current economic climate, particularly with high energy costs and foreign exchange volatility,  but Haldane McCall remains committed to maintaining its quality of service despite these challenges.

According to him, the company plans to continue focusing on increasing occupancy rates and improving the profitability of its hotels.

He outlined that Haldane McCall’s portfolio is diversified, with investments spanning real estate and hospitality assets in Lagos, the Republic of Benin, and London.

He was particularly optimistic about the opportunities in Abuja, with plans to expand the company’s land bank and continue its profitable land banking business.

“We believe in the land bank business, which is buying distressed assets, adding value, and selling them quickly,” Akinlade said, referencing several exciting opportunities the company is exploring in the capital.

He pointed out that the company’s future also includes a bold project in Opebi, Lagos, where it plans to build 88 apartments in a skyscraper.

“It will probably be the tallest building in that axis,” said Akinlade, adding that this N16 billion project will commence in the near future.

Looking ahead Akinlade remains optimistic about the future of both the real estate and hospitality sectors in Nigeria.

“The pressure on homes in Lagos, Abuja, Port Harcourt, will not stop,” he said, citing the country’s housing deficit as a key driver of demand in these regions.

He assured that despite the challenges posed by foreign exchange fluctuations and high interest rates on mortgages, Haldane McCall is well-positioned to capitalise on these trends.

He also touched on the increasing cost of building materials, noting that the company has taken steps to mitigate this by entering into “fixed price contracts” with subcontractors.

Akinlade was hopeful that a reduction in energy costs and government intervention in cement prices could help ease the financial pressures on construction projects.

He reiterated Haldane McCall’s commitment to working with the federal government to address the housing deficit.

“We want to partner with the federal government. The federal government does not need to pay us for anything. We will deliver it to them, but they must give us guarantee before we start,” Akinlade said.

Akinlade, a Chartered Accountant, said Haldane McCall’s business approach is based combining strategic partnerships, innovative funding solutions, and a commitment to transparency and governance.

A real estate and hospitality company, Haldane McCall Plc, yesterday joined the league of quoted companies on Nigerian Exchange (NGX), with the listing of its entire paid up share capital.

Haldane McCall listed by introduction 3. 122 billion ordinary shares of 50 kobo each at N3.84 per share. The share price appreciated by 10 per cent after the listing on the main board of the Exchange.

The admission to the Daily Official List of NGX was marked with a closing gong ceremony and presentation of Facts behind the Listings  by the company’s Group Managing Director, Dr Edward Akinlade.

In his welcome address, Group Chairman, NGX, Alhaji Umaru Kwairanga, commended the company’s board on its decision to seek listing, describing it as a demonstration of transparency in information disclosure .

Kwairanga noted that listing was a win-win affair as it deepens the market and also provides a credible platform for capital  raise and capital formation for Haldane McCall.

Akinlade, who presented “ Facts Behind the Listings” to securities dealers, explained that the decision to seek listing was not only for visibility, but to  open new opportunities to raise long term fund for expansion.

“What sets our company from our peers is that we buy land from banks, develop it and sell. We actively trade and do not get involved in problem assets.

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There is a bright future for our Company. We want to build affordable houses for Nigerians . We want to expand through acquisition of companies. We have 100 acres at Majidun, Ikorodu, 4,120 sqm at Opebi Road, Ikeja, 30 acres of land at Isihun, Abeokuta, Ogun State, 3,310 sqm at Akin Olugbade, Victoria Island and 1,200 sqm at Alade Street, Ikeja among others,” Akinlade said.

    Akinlade unfolded part of Haldane McCall’s future plan, including development of 1,000 affordable units in Lagos over 5 years, 100 middle-class homes across Lagos per annum, 50 rental homes across Porto-Novo, Republic of Benin and expansion  of the company’s land banking holdings.

    He captured the company’s strategic vision, growth trajectory and future plan assured the stakeholders in the capital market saying there will be “ Sustained growth in the company’s net profit, regular dividend payment of 30 per cent of the net earnings, maintenance  of strong investor relations to reinforce investor confidence and provision  of timely information of the company’s activities in line with the Post Listing Requirements of NGX.”

    Chief Executive Officer, NGX, Jude Chiemeka, congratulated the company on its admission to NGX.

    He explained that NGX was a multi-assets Exchange and a member of World Federation of Exchanges (WFE) and has a Memorandum of Understanding (MoU) with many notable exchanges globally.

    Chiemeka assured the company that NGX placed premium on investor-protection and urged the board and management to comply with the post listing requirements.

    The symbolic closing of the market gong was beaten by the company’s Chairman, Chief George Oguntade. The Listing Ceremony was attended by many of the company’s directors, including the Royal Majesty, Nosirudeen Akanbi, the Oba Onisasa of Shasha in Lagos.

Haldane McCall Plc, a real estate company with vast portfolio of assets, is set to list its shares on the Nigerian Exchange (NGX), providing the general investing public with opportunity to buy into the company.

With the approval of the listing by the NGX, Haldane McCall will list 3.122 billion ordinary shares of 50 kobo each at N3.84 per share.  The company will be listed on the main board of the NGX.

The listing will be done by way of introduction, a window that allows companies to list their shares without necessarily doing public offering. Existing major shareholders in the company are required to provide certain number of shares for trading in the company. 

The listing by introduction implies that Haldane McCall has complied with all the listing requirements of the NGX, in what symbolizes the company’s commitment to transparency, corporate governance, and investor confidence.

The listing of Haldane McCall, scheduled for November 20, 2024, will add N11.98 billion to the market capitalisation of the NGX.

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The listing will be followed by the presentation of “Facts Behind the Listing”, a forum that allows a newly quoted company to intimate the investing public of its status and plans for the future.

Group Managing Director, Haldane McCall Plc, Dr Edward Akinlade, described the upcoming listing of the company as a milestone.

“We are thrilled to join the NGX community of prestigious  companies . The listing shall enhance our ability to provide our shareholders with liquidity and accessibility. It will also enable us to tap into the capital market, drive growth and expansion,” Akinlade said.

He pointed out that Haldane McCall , which owns  the popular Suru Express Hotels brands and Suru Homes brand in West Africa, is reputed as a major player in the emerging markets in Africa.

 According to him, the company is the owner of prime properties in many areas in the neighbourhood for development.

 “In the medium term, the group wants to develop further 45 budget hotels under Suru Express Brand and 100 units of affordable residential estate to support the Federal Government’s drive  for housing for all, Akinlade said.

Haldane McCall was introduced to NGX by  Finmal Finance Services Limited and Chartwell Securities, capital market consultant and stockbroker respectively .

Incorporated on March 27, 2012 as a private limited company with focus on real estate business, the company has successfully developed and marketed luxury residential apartments in the upper neighbourhood of Ikeja GRA, an upper-class segment of the Lagos metropolitan.