LAGOS — Emerging real estate and hospitality powerhouse, Haldane McCall Plc, has announced a solid financial performance for the year ended December 31, 2025.
The group reported a profit after tax of ₦754.8 million, reflecting the successful execution of its expansion strategy following its high-profile listing on the Nigerian Exchange (NGX) in late 2024.
In a move to reward its growing retail investor base, the Board of Directors has recommended a final dividend of 5 kobo per share, marking the company’s first major payout as a publicly traded entity.
Financial Highlights: Growth in a High-Inflation Market
Despite the rising cost of building materials and energy in 2025, Haldane McCall managed to grow its top line through a mix of premium residential sales and recovering hospitality occupancy rates.
| Metric | FY 2025 Result | Performance Note |
| Gross Earnings | ₦4.2 Billion | Driven by luxury property disposals. |
| Profit Before Tax | ₦1.1 Billion | Effective cost-management strategies. |
| Profit After Tax | ₦754.8 Million | Post-tax margin of approximately 18%. |
| Proposed Dividend | 5 Kobo per share | First post-listing dividend. |
| Total Assets | ₦18.5 Billion | Expansion of the land bank in Lagos and Abuja. |
The “Surulere to Abuja” Strategy: What Drove the Profit?
Haldane McCall’s 2025 success can be traced to three primary operational pillars:
1. The Surulere Industrial Conversion
A significant portion of the 2025 revenue came from the phased delivery of its mid-market residential projects in Surulere, Lagos. By converting older commercial footprints into high-density “smart” apartments, the firm captured the surging demand for urban housing.
2. Hospitality Recovery (Suru Express)
The group’s hospitality arm, Suru Express, saw a notable bounce back in 2025. As business travel within Nigeria increased following the 2025 “Economic Rebound” initiatives, occupancy rates at its budget-friendly hotels rose to a yearly average of 72%, providing steady cash flow.
3. Asset Revaluation Gains
As land prices in prime Lagos locations (Ikeja GRA and Epe) soared in 2025, the company recorded significant “fair value” gains on its investment properties, bolstering the balance sheet and increasing shareholder funds.
Rewarding the “Post-IPO” Shareholders
The 5 kobo dividend is seen by analysts as a “signal of intent.” While modest in absolute terms, it demonstrates management’s commitment to building a track record of consistent returns for those who bought into the company during its 2024 listing.
- Qualification Date: April 15, 2026
- Payment Date: May 10, 2026 (subject to shareholder approval at the AGM).
Outlook for 2026: The “REIT” Ambition?
Management has hinted that 2026 will focus on “liquidity and leverage.” There is growing speculation that Haldane McCall may explore a Real Estate Investment Trust (REIT) structure for its commercial assets to allow investors to tap into rental yields directly.
Additionally, the company is eyeing the Lagos-Calabar Coastal Highway corridor for its next phase of land acquisitions, betting on the long-term infrastructure play to drive property values.
Haldane McCall’s ₦754.8 million profit
Haldane McCall’s ₦754.8 million profit proves that there is still significant alpha to be found in the Nigerian “bricks and mortar” sector. For investors, the company represents a diversified bet on both the luxury residential market and the recovering hospitality industry.
As the 5 kobo dividend hits bank accounts in May, the focus will remain on whether the firm can scale its 2026 earnings to match its ambitious land expansion.
