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By Chukwuma Umeorah
Shareholders of Haldane McCall Plc have approved the company’s capital raising plans, including a Rights Issue to increase its share capital and the issuance of up to N250 billion in debt instruments in tranches. The approval was given at the company’s first Annual General Meeting (AGM) held recently.
The company revealed that the funds are expected to support its planned expansion across its core real estate and hospitality businesses.
At the AGM, shareholders also endorsed the payment of N220.6 million in dividends, representing 7 kobo per ordinary share of 50 kobo each. This accounts for 32.5 per cent of the company’s profit after tax (PAT) for the financial year.
Commenting on the dividend payment, a shareholder, William Adebayo, described it as a welcome development and a source of support for investors. Other shareholders also expressed support for the Board and Management.
Group Managing Director of Haldane McCall Plc, Edward Akinlade, said the company would continue to focus on improving its operations and financial performance.
“Our financial results reflect not only our resilience in the face of a challenging economic environment, but also our commitment to continuous growth and value creation. We experienced a remarkable growth in our financial metrics which is a good testament to our robust business model and effectiveness of our strategic initiatives,” he said.
Also speaking, Chairman of the company, George Oguntade, said Haldane McCall Plc would maintain its focus on contributing to real estate development and supporting government efforts to reduce the housing deficit.
“Haldane McCall Plc is committed to positively changing the real estate development landscape in Nigeria and equally contributing its quota in supporting both State and Federal Governments in bridging the massive housing deficit in the country. We will not rest on our laurels and with the support of all our partners and stakeholders, we will deliver a stronger performance next year,” he said.
The company reported a 164 percent increase in profit after tax, rising from N256.96 million in 2023 to N679.6 million in 2024. This was attributed to increased revenue and the divestment from non-core businesses, which generated N20.82 million.
Revenue for 2024 stood at N3.64 billion, a 109 percent increase from N1.74 billion in 2023. The growth was mainly driven by sales of land and buildings, which rose by 156 percent from N1.05 billion in 2023 to N2.68 billion in 2024.
