Haldane McCall Plc reported a pre-tax profit of N754.8 million for the year ended 31 December 2025, according to its audited financial statements.
While down 25.6% from the N1.01 billion recorded in 2024, the company remained profitable, with sales contributing a significant portion of the performance.
Full-year revenue stood at N2.27 billion, down from N3.64 billion the previous year, with revenue from land and buildings contributing the most, followed by hotel operations.
Following these results, the Board declared a final dividend of 5 kobo per unit, payable to shareholders on 18 June 2026, down from 7 kobo in FY2024.
Key highlights (FY 2025 vs FY 2024)
- Revenue: N2.27 billion vs N3.64 billion
- Gross Profit: N1.80 billion vs N2.05 billion
- Operating Profit: N754.90 million vs N1.01 billion
- Profit Before Tax: N754.80 million vs N1.01 billion
- Profit for the Year: N642.46 million vs N679.63 million
- Total Assets: N21.82 billion vs N21.99 billion
- Total Equity: N17.14 billion, up 2.94% YoY
Driving the numbers
A cursory look at the company’s revenue of N2.27 billion shows sales of land and buildings (N1.3 billion) contributed 57.6%, while hotel operations added 35.1%.
- Minor contributors included ‘others’ (N114.2 million), rental income (N27.2 million), and service charges (N23.75 million).
As expected, the cost of sales fell to N471 million, down from N1.5 billion the previous year, resulting in a gross profit of N1.8 billion, compared with N2.05 billion in FY2024.
Other operating income fell sharply to N3.2 million from N20.8 million, while administrative expenses stood at N1.05 billion.
- Operating profit settled at N754.8 million, down 25.6%, translating directly into pre-tax profit in the absence of finance costs.
- After N112.4 million in income tax, post-tax profit stood at N642.4 million, compared with N679.6 million in the prior year.
On the balance sheet, total assets reached N21.8 billion, slightly down from N21.9 billion, with property, plant, and equipment of N14.2 billion comprising the largest portion.
Total equity rose 2.94% to N17.1 billion, while total liabilities fell 12.35% to N4.6 billion, mainly due to a reduction in the director’s current account from N1.6 billion to N813.9 million.
Management commentary
According to Chief George Oguntade, SAN, Chairman of Haldane McCall, the company delivered stable performance despite macroeconomic challenges, with the Board confident in management’s ability to drive sustainable growth and shareholder value.
He stated that the Group’s strategy focuses on acquiring and developing Lagos-based properties and hospitality assets, enhancing the balance sheet, optimizing asset value, and managing liquidity through phased sales.
Market reaction
Shares of the company remained largely stable, as the market has yet to fully react to the results, currently priced at N4.03, down over 6% month-to-date. Year-to-date, however, the shares have gained 0.75%.
