Haldane McCall’s Profit UP 30.2% as Asset Base Expands to N32.73bn

Kayode Tokede 

Haldane McCall Plc has reported a 30.2 per cent increase in net profit to N540.87 million for the nine months ended September 2026, supported by strong revenue growth and an expanding asset base, as the real estate company continues to deepen investments in its property development portfolio.

The company’s revenue rose by 59.4 per cent to N2.90 billion from N1.82 billion in the corresponding period of 2025, reflecting increased business activity and the potential contribution of its growing property portfolio to future earnings.

Its total assets expanded by 55.4 per cent to N32.73 billion, highlighting the scale of resources committed to business expansion and property development. A breakdown of the financial statements shows that property, plant and equipment increased substantially to N19.36 billion from N4.23 billion, while inventories and work in progress nearly doubled to N11.58 billion from N5.88 billion.

The company’s notes attributed the increase in inventories partly to N5.71 billion invested in properties under construction during the period. This growing development pipeline represents an important foundation for future revenue generation as projects progress towards completion and eventual

Commercialisation.

Although cost of sales increased to N1.69 billion from N406.97 million, reflecting the higher cost associated with its business activities, Haldane McCall maintained positive operating momentum.

Gross profit stood at N1.21 billion, while operating profit advanced by 37.1 per cent to N850.16 million. 

Other operating income of N348.8 million, compared with N3.29 million in the corresponding period of 2025, also supported operating performance.

After finance costs of N30.67 million and income tax expense of N278.63 million, profit for the period increased to N540.87 million from N415.52 million. 

The company’s balance sheet also reflects a strong equity position, with shareholders’ funds standing at N25.50 billion against total liabilities of N7.22 billion. This provides a substantial equity base to support its development activities, although the funding requirements and returns from ongoing projects will remain important considerations.

Meanwhile, cash flow performance indicates that the company is operating through a capital-intensive investment phase. Net cash used in operating activities amounted to N5.95 billion, compared with N191.35 million in the corresponding period of 2025, as funds were committed to business operations and the expansion of its property development portfolio.

The Group Managing Director, Dr Edward Akinlade, reassured shareholders that the company’s substantial investments in property development are geared towards building long-term value, strengthening its earnings capacity and positioning Haldane McCall for sustainable growth. 

The expanding asset portfolio and ongoing development projects reflect management’s commitment to creating enduring value for shareholders through disciplined execution, improved operational performance and effective asset utilisation.

“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”, said an analyst