Quick Read: Real estate giant Haldane McCall PLC has announced impressive financial results for the fiscal year 2024, showcasing significant growth across key metrics. The company’s financial report, released on the Nigerian Exchange (NGX) on February 13, 2025, highlights a remarkable surge in profitability and revenue.
Record-Breaking Pre-Tax Profit
Haldane McCall PLC reported a pre-tax profit of N1.01 billion for the fiscal year 2024, marking a staggering 168.44% increase from the N377.8 million recorded in 2023. This exceptional performance was driven by a substantial rise in revenue and efficient cost management.
Revenue Soars by 109.50%
The company’s revenue for 2024 reached N3.6 billion, reflecting a 109.50% year-over-year (YoY) increase from N1.7 billion in 2023. The primary driver of this growth was the sale of land and buildings, which contributed N2.6 billion or 73.4% of total revenue. Other revenue streams included:
- Hotel revenue: N699.8 million (19.2%)
- Service charges: 4.9%
- Other revenue: 1.9%
- Rent: 0.4%
Key Financial Highlights
Here’s a breakdown of Haldane McCall PLC’s financial performance for 2024:
- 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)
Operational Performance
Cost of Sales and Administrative Expenses
The cost of sales rose by 93.84% to N1.5 billion, up from N816.7 million in 2023. Administrative expenses also increased by 95.92% to N1 billion, driven by higher salaries and wages (N174.5 million), depreciation (N81.9 million), and electricity costs (N74.9 million).
Operating and Post-Tax Profit
Operating profit surged by 168.44% to N1 billion, significantly boosting pre-tax profits. The absence of finance costs further contributed to this growth. Post-tax profit stood at N679.6 million, a 164.49% increase from N256.9 million in 2023.
Growth in Assets and Liabilities
Total Assets
The company’s total assets grew by 22.82% to N21.9 billion, up from N17.9 billion in 2023. Key components include:
- Non-current assets: N14.2 billion (primarily property, plant, and equipment)
- Current assets: N7.7 billion (driven by inventories, including properties under construction)
Total Liabilities
Total liabilities increased to N5.3 billion, up from N3.9 billion in 2023. This includes:
- Non-current liabilities: N2.5 billion (long-term obligations)
- Current liabilities: N2.8 billion (including a director’s current account of N1.6 billion and trade payables of N896.7 million)
Conclusion
Haldane McCall PLC’s 2024 financial results underscore its strong market position and operational efficiency. With a 168.44% increase in pre-tax profit and a 109.50% rise in revenue, the company has demonstrated its ability to capitalize on opportunities in the real estate sector. As it continues to expand its asset base and optimize costs, Haldane McCall PLC is well-positioned for sustained growth in the coming years.
