Haldane McCall Plc, a leading player in Nigeria’s real estate and hospitality sector, has confirmed that its Group Managing Director, Dr. Edward Akinlade, has divested a portion of his stake in the company. The transaction, which involved the sale of 11.5 million shares valued at N60 million, was officially disclosed in a regulatory filing with the Nigerian Exchange (NGX).

The company shared this update in a formal notice signed by its Company Secretary, Oyewole Olurin, detailing that the transaction took place on April 9, 2025, at a price of N5.22 per share, and was tagged with the transaction code NGHMCALL0004. This strategic move by Dr. Akinlade marks a modest reduction in his personal holdings within the company he leads.

CEO’s Shareholding Declines, but Control Remains Strong

Before the transaction, Dr. Akinlade held 1,535,253,796 ordinary shares in Haldane McCall Plc. Following the sale, his stake now stands at 1,523,753,796 shares, representing a reduction of approximately 0.37% in his total holdings. This shift translates to a drop in ownership from 49.18% to 48.81%, based on the company’s total outstanding shares of 3.122 billion as of the end of December 2024.

Despite the slight decrease, Dr. Akinlade remains the largest single shareholder and retains significant controlling influence in the company’s strategic direction. While no formal statement accompanied the disclosure, it is not uncommon for top executives to rebalance their personal portfolios, especially following periods of strong corporate performance.

Strong Revenue Growth Drives Profitability

This development comes on the heels of an outstanding financial year for Haldane McCall Plc. The company recently released its audited financial results for the 2024 fiscal year, showing a substantial improvement across key performance indicators.

Haldane McCall posted a pre-tax profit of N1.01 billion, a significant leap of 168.44% compared to the N377.8 million recorded in 2023. This impressive profit growth was primarily fueled by a sharp increase in revenue, reflecting both stronger sales and operational efficiency.

Revenue surged to N3.6 billion in 2024, more than doubling the N1.7 billion achieved in the previous year. This performance reflects the company’s ability to optimize its core business segments while capitalizing on emerging opportunities.

Real Estate Remains Core Revenue Driver

A closer look at the revenue composition reveals that the sale of land and buildings was the primary contributor, generating N2.6 billion, which accounted for 73.4% of total revenue. This underscores the company’s strength in property development and its ability to capitalize on real estate market demand.

The company’s hospitality operations also made a notable contribution. Hotel-related income brought in N699.8 million, or 19.2% of overall revenue. This aligns with the company’s long-standing commitment to the hospitality industry, particularly through its boutique hotel chain, Suru Express.

Other sources of revenue included service charges (4.9%), miscellaneous income (1.9%), and rental income (0.4%). The diversification of income streams adds a layer of financial resilience, even though the property business remains the company’s dominant segment.

Operating and Net Profits Show Robust Growth

In line with the rise in revenue, Haldane McCall Plc’s operating profit climbed sharply to N1 billion, compared to N377.8 million in 2023, maintaining the same 168.44% growth rate seen in pre-tax profits. This consistency indicates tight cost control and improved margins.

Interestingly, the company incurred no finance costs during the fiscal year, which suggests minimal debt exposure or effective capital restructuring. This helped translate strong operating performance directly into pre-tax and net earnings.

After taxes, net profit stood at N679.6 million, marking a 164.49% increase from the N256.9 million recorded the previous year. These figures reflect not only revenue growth but also prudent financial management.

Dividend Declared Amid Stellar Performance

In recognition of its strong 2024 performance and commitment to shareholder value, Haldane McCall Plc announced a final dividend of 0.07 kobo per 50 kobo ordinary share. This dividend, subject to standard withholding tax, is designated for the financial year ended December 31, 2024.

According to the company, the dividend will be paid electronically to shareholders who are duly registered as of the record date of March 31, 2025. Shareholders who have completed their e-dividend registration will receive payment on Friday, April 25, 2025.

This dividend payout reflects the company’s growing confidence in its financial stability and its commitment to consistently rewarding investors. Although modest in monetary value, the dividend underscores a broader message: that Haldane McCall Plc is both profitable and forward-looking.

What This Means for Investors and the Market

Dr. Akinlade’s share sale is unlikely to impact investor confidence significantly, especially considering the company’s financial momentum. On the contrary, the decision may signal internal optimism—where the company’s leadership is comfortable enough with operations to release a portion of their holdings without fear of jeopardizing market perception.

Furthermore, the 2024 results could attract fresh investor interest, particularly in light of the company’s ability to double revenue and triple profits in a single year without taking on additional financial risk.

With a strong pipeline of real estate projects and steady income from hotel operations, Haldane McCall Plc appears well-positioned to maintain its growth trajectory in the coming fiscal year.