Real estate company Haldane McCall PLC has reported a full-year 2024 pre-tax profit of N1.01 billion in its financial report released on the Nigerian Exchange (NGX) on February 13th, 2025.
This figure represents a 168.44% increase from the pre-tax profit of N377.8 million reported for the fiscal year 2023, amid a notable rise in revenue.
For fiscal year 2024, Haldane McCall Plc’s revenue soared to N3.6 billion, reflecting a 109.50% increase from N1.7 billion in the previous year, majorly driven by land and building sales, which accounted for 73.4% at N2.6 billion.
Additionally, total assets increased by 22.82% year-over-year, rising from N17.9 billion in the previous year to N21.9 billion in fiscal year 2024.
Key highlights
- Revenue: N3.6 billion, +109.50% YoY
- Cost of Sales: N1.5 billion, +93.84% YoY
- Gross Profit: N2.05 billion, +123.38% YoY
- Administrative Expenses: N1 billion, +95.92% YoY
- Operating Profit: N1.01 billion, +168.44% YoY
- Pre-tax Profit: N1.01 billion, +168.44% YoY
- Post-tax Profit: N679.6 million, +164.49% YoY
- Total Assets: N21.9 billion, +22.82% YoY
- Total Liabilities: N5.3 billion, +34.44% YoY
Commentary
Haldane McCall Plc reported a revenue of N3.6 billion for the fiscal year 2024, representing a 109.50% increase compared to N1.7 billion in 2023.
- The sale of land and buildings was the primary driver of this revenue, accounting for 73.4% at N2.6 billion, while hotel revenue contributed 19.2% at N699.8 million.
- Other income sources, including service charges, other revenue, and rent, made up 4.9%, 1.9%, and 0.4%, respectively.
On the downside, the cost of sales increased by 93.84% year-over-year, reaching N1.5 billion, up from N816.7 million in the previous year.
Despite generating N20.8 million from other operating income, with ‘other income’ comprising nearly the entirety of this amount, the rise in administrative expenses was notable. These expenses climbed by 95.92% year-over-year to N1 billion, up from N544.1 million in 2023.
- Major components included salaries and wages at N174.5 million, depreciation at N81.9 million, and electricity costs at N74.9 million.
Operating profit increased by 168.44% year-over-year to N1 billion, compared to N377.8 million in the previous year.
- This growth significantly boosted pre-tax profits to N1 billion, benefiting from the absence of finance costs and representing a 168.44% increase year-over-year.
- The post-tax profit figure stood at N679.6 million, reflecting a 164.49% increase from N256.9 million in 2023.
Assets and liabilities
In Fiscal Year 2024, the company experienced a notable increase in total assets, which rose by 22.82% to reach N21.9 billion, compared to N17.9 billion in 2023.
- Non-current assets accounted for N14.2 billion, with a substantial 99.73% represented by property, plant, and equipment.
- Current assets totaled N7.7 billion, predominantly driven by inventories, which amounted to N5.6 billion—99.93% of which consists of properties currently under construction.
On the liabilities side, total liabilities increased to N5.3 billion from N3.9 billion.
- Non-current liabilities reached N2.5 billion, primarily consisting of long-term obligations.
- Current liabilities stood at N2.8 billion, with significant components including a director’s current account of N1.6 billion and trade and other payables totaling N896.7 million.
