Kayode Tokede 

Haldane McCall Plc is a Nigerian-based property and hospitality investment company focused on delivering affordable housing and operating budget hotels under the “Suru Express” brand. The company operates primarily in Nigeria and the Republic of Benin, with plans to expand further across West Africa to meet rising urbanization demand. In November 2024, Haldane McCall successfully listed on the Nigerian Exchange Limited (NGX), introducing 3.12 billion shares at N3.84 per share and achieving an initial market capitalization of approximately N11.99 billion. With a dual focus on real estate development and hospitality, the company is strategically positioned to generate both one-time revenues from property sales and recurring income through hotel operations—offering a balanced and scalable business model.

Peep Into FY Financials

Haldane McCall delivered strong financial results for 2024, underscoring the value of its diversified asset base: Revenue: N3.64 billion, a 109per cent increase from N1.74 billion in 2023, largely driven by land and property sales totaling N2.68 billion, Profit Before Tax: N1.01 billion, up 168per cent from N378 million, Profit After Tax: N679.6 million, up 164per cent YoY from N256.96 million and Total Assets: N21.99 billion, reflecting a 22.8per cent increase from N17.91 billion. The board declared a N220.6 million dividend (N7 kobo/share), translating to a payout ratio of 32.5per cent, a signal of management’s commitment to value creation and shareholder returns.

Strategic Development

Haldane McCall continues to invest in scalable infrastructure. The Company delivered 48 housing units in Porto Novo, Benin Republic, and 34 units in Ketu, Lagos. It is currently developing a 1,200-unit housing project in Majidun, Lagos with Ongoing expansion of Suru Express Hotels to strengthen recurring revenue streams. In May 2025, shareholders approved a capital raise of up to N250 billion through a rights issue and debt issuance, enabling accelerated development of housing and hotel assets in underserved urban markets.

Beting on Haldane McCall

Haldane McCall has strong potential for accelerated growth. The high double-digit growth in both revenue and net income shows strong operational and effective capital allocation.  It has a strong asset-backed value. With total assets approaching N22 billion and a deep property pipeline, the company may be undervalued relative to its book value and earnings potential.  There is Rising demand for affordable housing and budget hospitality—driven by urbanisation and a youthful population creates tailwinds for sustainable expansion. It has a consistent dividend policy combined with stock appreciation offers a compelling total return story and its listing on NGX improves transparency, access to capital, and investor confidence.

Investors Takeaway

Haldane McCall presents a unique opportunity for investors seeking exposure to Nigeria’s booming real estate and hospitality markets. Its balance of asset-backed securities, growth potential, and shareholder returns make it an attractive medium-to-long term play. Haldane McCall combines the solidity of real estate with the scalability of hospitality. With a proven ability to execute, growing assets, and plans to scale across West Africa, the company is well-positioned to deliver strong total returns. Investors with a 2–5-year horizon should consider increasing exposure to capitalize on this growth trajectory, while remaining attentive to compliance and balance sheet discipline.