Haldane McCall profit jumps 30% on asset expansion

Haldane McCall Plc has reported a 30.2 per cent increase in net profit to N540.87m for the nine months ended September 2026, driven by revenue expansion and increased investments in its property development portfolio.

The real estate firm disclosed this in its latest financial results, revealing that revenue rose 59.4 per cent to N2.90bn from N1.82bn recorded in the corresponding period of 2025. Total assets also expanded 55.4 per cent to N32.73bn, underscoring the scale of resources deployed towards business expansion and ongoing property projects.

A breakdown of the financial statements indicates that property, plant, and equipment increased to N19.36bn from N4.23bn, while inventories and work in progress rose to N11.58bn from N5.88bn. Notes to the financial statements attributed the growth in inventories partly to N5.71bn invested in properties under construction during the period.

Despite cost of sales rising to N1.69bn from N406.97m, gross profit stood at N1.21bn, while operating profit grew 37.1 per cent to N850.16m. Other operating income of N348.8m, compared with N3.29m in 2025, further bolstered operating performance. After accounting for finance costs of N30.67m and income tax expense of N278.63m, net profit settled at N540.87m against N415.52m in the previous period.

The firm’s balance sheet reflects shareholders’ funds of N25.50bn against total liabilities of N7.22bn. However, cash flow statements highlight an intensive investment phase, with net cash used in operating activities reaching N5.95bn compared with N191.35m in 2025. Net cash flow from investing activities recorded a positive N7.04bn, while financing activities saw a net outflow of N825.12m, leaving cash and cash equivalents at N543.79m.

Reassuring investors, the Group Managing Director, Dr Edward Akinlade, stated that the substantial 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.

Reacting to the performance, an industry analyst noted, “Haldane McCall’s expanding asset base, 59.4 per cent revenue growth and 30.2 per cent increase in net profit are encouraging indicators of business expansion and earnings potential. The successful completion and commercialisation of ongoing projects, improved gross margins and stronger operating cash flows are important milestones for translating the company’s investments into sustainable profitability and enhanced shareholder returns.”

Jide, a seasoned journalist with over 12-year experience, reports business-related stories