Haldane McCall Plc has increased its net profit by 30.2 per cent to N540.87 million for the nine months ended September 2026, driven by significant revenue expansion and growth in its property development portfolio. The company's revenue jumped 59.4 per cent to N2.90 billion from N1.82 billion in the same period of 2025, reflecting higher business activity and contributions from its expanding property holdings.
The real estate developer's total assets grew by 55.4 per cent to N32.73 billion, demonstrating the scale of resources being deployed for expansion and property development. Property, plant and equipment nearly quadrupled to N19.36 billion from N4.23 billion, while inventories and work in progress nearly doubled to N11.58 billion from N5.88 billion. The company invested N5.71 billion in properties under construction during the period, building a development pipeline intended to generate future revenue as projects are completed.
Operating performance remained solid despite higher costs. Gross profit reached N1.21 billion while operating profit advanced by 37.1 per cent to N850.16 million. Other operating income surged to N348.8 million from N3.29 million in the prior year period. After finance costs of N30.67 million and income tax expense of N278.63 million, profit for the period increased from N415.52 million.
The company maintains a strong equity foundation, with shareholders' funds of N25.50 billion against total liabilities of N7.22 billion. However, the business is in a capital-intensive investment phase. Net cash used in operating activities reached N5.95 billion compared with N191.35 million in the corresponding 2025 period, as funds were deployed to operations and property development expansion.
Group Managing Director Dr Edward Akinlade said the substantial investments in property development are designed to build long-term value and strengthen the company's earnings capacity for sustainable growth. An analyst noted that the revenue growth, profit increase and expanding asset base indicate business expansion potential, with successful project completion and commercialisation critical for converting investments into sustainable profitability and stronger shareholder returns.