Haldane McCall’s market cap holds near $9 million 18 months after NGX listing 

Haldane McCall Plc, the Lagos-based real estate and hospitality firm led by property mogul Edward Akinlade, has seen its market capitalization hold near $9 million 18 months after listing on the Nigerian Exchange (NGX), even as earnings softened amid Nigeria’s challenging macroeconomic climate.

The company’s valuation edged 2.08% from N11.98 billion ($7.31 million) at listing in November 2024 to about N12.2 billion ($8.88 million). The single-digit increase reflects steady investor confidence in the group’s long-term strategy despite headwinds including high inflation and currency volatility.

Akinlade, who holds a 49.18% stake, equivalent to 1.54 billion shares, has seen the value of his holdings climb to roughly N6.02 billion ($4.38 million), reinforcing his position as the dominant shareholder in the newly listed firm.

Earnings pressured despite resilient operations

For the year ended December 31, 2025, Haldane McCall reported revenue of N2.28 billion ($1.66 million), down from N3.64 billion ($2.65 million) in 2024, as macroeconomic pressures weighed on sales across its real estate and hospitality segments.

Profitability also moderated. Gross profit declined to N1.81 billion ($1.32 million) from N2.06 billion ($1.5 million), while operating profit fell to N754.9 million ($549,499) from N1.01 billion ($734,803). Net income came in at N642.5 million ($467,437), slightly below the N679.6 million ($494,621) recorded a year earlier.

Despite the decline, the company maintained a solid balance sheet. Total assets stood at N21.83 billion ($15.88 million), while shareholders’ equity rose to N17.15 billion ($12.47 million) from N16.66 billion ($12.12 million), reflecting retained earnings and disciplined capital management.

Post-listing momentum and operational milestones

The NGX listing marked a major milestone for Haldane McCall, transforming it from a private company into a publicly traded entity within a relatively short period. The move has enhanced its corporate visibility and improved liquidity for investors.

During the year, the group also secured ISO 9001:2015 certification, underscoring its focus on operational efficiency, risk management, and governance standards.

The company continued to advance its portfolio of residential, commercial, and hospitality assets, maintaining project continuity despite economic uncertainty.

Growth strategy anchored in Lagos property market

Haldane McCall’s long-term strategy remains centered on expanding its footprint in Lagos, Nigeria’s commercial hub, where demand for housing and hospitality services continues to outpace supply.

The firm plans to strengthen its asset base while optimizing returns through a phased sales strategy, including selling about 75% of residential units off-plan to manage liquidity and reduce exposure to market volatility. Although its planned bond issuance was deferred to meet regulatory requirements, management has signaled intentions to tap the debt capital market at a more favorable time to support expansion.