Haldane McCall Plc Shareholders Approve N220.6 Million Dividend and Capital Raise Plan

Shareholders of Haldane McCall Plc, a real estate development company, have approved a significant dividend payout and a plan to raise capital through a rights issue and debt instruments. The company, which was listed on the Nigerian Exchange Limited (NGX) in 2024, recorded a 164% increase in profit after tax to N679.6 million. The impressive financial performance was driven by a significant increase in revenue and the divestment of non-core business, which generated N20.82 million in 2024.

Key Takeaways:

• Shareholders approved a final dividend of N220.6 million, representing seven kobo per share for the year ended December 31, 2024.
• The company plans to raise capital through a rights issue to increase its share capital and N250 billion debt instruments in tranches to fund its Group's expansion programme.
• Chairman George Oguntade stated that the company is committed to positively changing the real estate development landscape in Nigeria and contributing to bridging the massive housing deficit in the country.
• The company recorded a 164% profit after tax increase from N256.96 million in 2023 to N679.6 million in 2024.
• Revenue increased by 109% in 2024 to N3.64 billion, primarily driven by the sale of land and building, which increased by 156% to N2.68 billion.
• The divestment of non-core business generated N20.82 million in 2024.

Statistics:

• Profit after tax increased by 164% from N256.96 million in 2023 to N679.6 million in 2024.
• Revenue increased by 109% in 2024 to N3.64 billion.
• The sale of land and building increased by 156% in 2024 to N2.68 billion.
• Dividend payout: N220.6 million.
• Rights issue: to increase share capital and raise N250 billion debt instruments.

Sources:

• [Source not explicitly stated, appears to be a company press release or internal memo]