Haldane McCall Leads NGX Gainers As Investors Bet On Earnings, Dividends, Expansion
Haldane McCall Plc led the gainers’ chart on the Nigerian Exchange Limited (NGX) on Tuesday, rising 9.97 per cent to close at N3.20 per share, as investors continued to take positions in the real estate and hospitality company despite the broadly bearish mood that characterised the market.
The stock emerged as the strongest performer among the equities traded during the session, ahead of Veritas Kapital Assurance, which gained 7.09 per cent to N1.36; Tantalizers Plc, up 5.26 per cent to N4.00; R.T. Briscoe Plc, which appreciated 4.31 per cent to N10.90; and Regency Alliance Insurance Plc, which rose 3.66 per cent to N0.85.
The performance of Haldane McCall was particularly significant because it occurred against the backdrop of a generally weak market. The NGX All-Share Index declined by 0.35 per cent to 241,613.48 points, extending the market’s recent retreat as investors continued to rebalance portfolios and take profits in selected counters.
Analysts said the renewed demand for Haldane McCall shares reflects growing investor interest in companies with identifiable earnings drivers, tangible assets, visible projects and a demonstrated commitment to shareholder returns.
Haldane McCall’s 2025 financial performance provides part of the basis for the renewed investor interest. The company recorded N642.46 million profit after tax, compared with N679.63 million in the previous year, while gross profit stood at N1.81 billion. Despite the moderation in revenue to N2.28 billion from N3.64 billion, a sharp reduction in cost of sales helped lift gross margin to about 79 per cent.
The company’s balance sheet also remained relatively strong, with total assets of about N21.83 billion and shareholders’ funds of N17.15 billion at the end of the financial year. The figures, analysts said, point to an asset-backed business model that could benefit from the gradual expansion of Nigeria’s real estate and hospitality markets.
A major attraction for investors is also the company’s dividend policy and its record of implementing it. Haldane McCall paid a final dividend of five kobo per share for the 2025 financial year, with the dividend paid electronically to qualifying shareholders on June 18, 2026. The company has stated that its dividend framework targets the distribution of about 30 per cent of net profit, with the balance reinvested to finance growth, acquire assets and strengthen the balance sheet.
This consistency has strengthened the stock’s appeal to investors looking beyond short-term price movements for a combination of capital appreciation and regular income.
The company’s expanding project pipeline is providing another catalyst. Haldane McCall is developing a 1,200-unit residential project at Majidun, Lagos, while expanding its Suru Express Hotels portfolio to deepen recurring income. It has also delivered residential projects in Ketu, Lagos, and Porto-Novo, Benin Republic.
“Our expansion strategy extends beyond Nigeria. We are selectively exploring opportunities across West Africa, including Ghana and Benin Republic. Our international investments will be phased and subjected to strict feasibility and return-on-investment assessments.”, says the Group Managing Director, Dr Edward Akinlade.
Investors are also watching the company’s ambitious capital-raising plans. Shareholders have approved a programme of up to N250 billion through rights issue and debt issuance to support the development of housing and hospitality assets in high-demand markets.
Market watchers said the combination of completed projects, a sizeable development pipeline, recurring hospitality income and a dividend-paying culture is helping to position Haldane McCall as a growth-and-income play in the increasingly competitive NGX real estate segment.
The broader market, however, remained cautious on Tuesday. The decline in the benchmark index indicates that investors were generally unwilling to chase equities indiscriminately, with buying interest concentrated in selected counters perceived to have specific earnings or corporate catalysts.
For Haldane McCall, the immediate market reaction reinforces the importance of translating its growing project pipeline into higher earnings and sustained cash flows. If the company continues to execute its projects successfully while maintaining its dividend commitment, analysts believe investor interest could remain strong as the market increasingly rewards companies capable of demonstrating tangible shareholder value creation.
