Haldane McCall: The Real Estate and Hospitality Powerhouse Quietly Building West Africa’s Future
Haldane McCall Plc is emerging as one of Nigeria’s most promising growth stories — a company steadily building value through real assets while meeting Africa’s rising demand for affordable housing and budget hospitality.
The Nigerian-based property and hospitality investment firm, best known for its Suru Express brand of budget hotels, operates primarily in Nigeria and the Republic of Benin, with strategic plans to expand further across West Africa. Its business model blends real estate development with hospitality management — offering both steady income from hotel operations and capital gains from property sales.
In November 2024, Haldane McCall successfully debuted on the Nigerian Exchange Limited (NGX), floating 3.12 billion shares at ₦3.84 per share, and securing an initial market capitalization of approximately ₦11.99 billion. This listing marked a major milestone in its growth journey, opening access to public capital for scaling operations.
Strong 2024 Performance Highlights
The company’s 2024 financial results underscored the strength of its hybrid business model and efficient capital deployment.
• Revenue: ₦3.64 billion — up 109% from ₦1.74 billion in 2023, driven largely by land and property sales worth ₦2.68 billion.
• Profit Before Tax: ₦1.01 billion — a 168% surge from ₦378 million.
• Profit After Tax: ₦679.6 million — rising 164% year-on-year from ₦256.96 million.
• Total Assets: ₦21.99 billion — a 22.8% increase from ₦17.91 billion.
To reward shareholders, the board approved a ₦220.6 million dividend payout (₦0.07 per share), representing a payout ratio of 32.5% — a clear signal of management’s focus on value creation and investor returns.
Strategic Expansion and Capital Raise
Haldane McCall’s development projects reflect a focus on scale and community impact.
The company has successfully delivered:
• 48 housing units in Porto Novo, Benin Republic, and
• 34 units in Ketu, Lagos.
It is also currently developing a massive 1,200-unit housing project in Majidun, Lagos, while simultaneously expanding its Suru Express hotel brand to enhance recurring revenue streams.
In May 2025, shareholders approved a ₦250 billion capital raise through a combination of rights issues and debt instruments. The goal: to accelerate the rollout of affordable housing and hotel assets in underserved urban centers across Nigeria and neighboring countries.
Why Investors Are Paying Attention
Haldane McCall’s growth momentum and asset-backed value make it an attractive prospect for investors seeking medium-to-long term exposure in Nigeria’s property and hospitality sectors.
Here’s why it stands out:
• Robust Fundamentals: Double-digit growth in both revenue and net income demonstrates strong execution.
• Asset-Backed Strength: With nearly ₦22 billion in total assets and a growing property pipeline, the company remains potentially undervalued relative to its earnings.
• Market Tailwinds: Rapid urbanization, a youthful population, and rising demand for affordable housing and hospitality provide powerful growth levers.
• Investor-Friendly Policy: A consistent dividend payout combined with potential capital appreciation creates a compelling total return opportunity.
• Enhanced Credibility: Listing on the NGX boosts transparency, governance, and access to growth capital.
Investor Takeaway
Haldane McCall is quietly positioning itself as a dual-force in real estate and hospitality — offering investors the solidity of tangible assets and the scalability of recurring hotel income.
With its proven ability to execute projects, growing balance sheet, and regional expansion plans, the company appears well-poised to deliver sustainable growth and strong shareholder value over the next 2–5 years.
For investors looking to ride Nigeria’s urbanization wave and tap into the long-term potential of the real estate and hospitality sectors, Haldane McCall might just be a stock worth watching closely.
Haldane McCall Plc is emerging as one of Nigeria’s most promising growth stories — a company steadily building value through real assets while meeting Africa’s rising demand for affordable housing and budget hospitality.
The Nigerian-based property and hospitality investment firm, best known for its Suru Express brand of budget hotels, operates primarily in Nigeria and the Republic of Benin, with strategic plans to expand further across West Africa. Its business model blends real estate development with hospitality management — offering both steady income from hotel operations and capital gains from property sales.
In November 2024, Haldane McCall successfully debuted on the Nigerian Exchange Limited (NGX), floating 3.12 billion shares at ₦3.84 per share, and securing an initial market capitalization of approximately ₦11.99 billion. This listing marked a major milestone in its growth journey, opening access to public capital for scaling operations.
Strong 2024 Performance Highlights
The company’s 2024 financial results underscored the strength of its hybrid business model and efficient capital deployment.
• Revenue: ₦3.64 billion — up 109% from ₦1.74 billion in 2023, driven largely by land and property sales worth ₦2.68 billion.
• Profit Before Tax: ₦1.01 billion — a 168% surge from ₦378 million.
• Profit After Tax: ₦679.6 million — rising 164% year-on-year from ₦256.96 million.
• Total Assets: ₦21.99 billion — a 22.8% increase from ₦17.91 billion.
To reward shareholders, the board approved a ₦220.6 million dividend payout (₦0.07 per share), representing a payout ratio of 32.5% — a clear signal of management’s focus on value creation and investor returns.
Strategic Expansion and Capital Raise
Haldane McCall’s development projects reflect a focus on scale and community impact.
The company has successfully delivered:
• 48 housing units in Porto Novo, Benin Republic, and
• 34 units in Ketu, Lagos.
It is also currently developing a massive 1,200-unit housing project in Majidun, Lagos, while simultaneously expanding its Suru Express hotel brand to enhance recurring revenue streams.
In May 2025, shareholders approved a ₦250 billion capital raise through a combination of rights issues and debt instruments. The goal: to accelerate the rollout of affordable housing and hotel assets in underserved urban centers across Nigeria and neighboring countries.
Why Investors Are Paying Attention
Haldane McCall’s growth momentum and asset-backed value make it an attractive prospect for investors seeking medium-to-long term exposure in Nigeria’s property and hospitality sectors.
Here’s why it stands out:
• Robust Fundamentals: Double-digit growth in both revenue and net income demonstrates strong execution.
• Asset-Backed Strength: With nearly ₦22 billion in total assets and a growing property pipeline, the company remains potentially undervalued relative to its earnings.
• Market Tailwinds: Rapid urbanization, a youthful population, and rising demand for affordable housing and hospitality provide powerful growth levers.
• Investor-Friendly Policy: A consistent dividend payout combined with potential capital appreciation creates a compelling total return opportunity.
• Enhanced Credibility: Listing on the NGX boosts transparency, governance, and access to growth capital.
Investor Takeaway
Haldane McCall is quietly positioning itself as a dual-force in real estate and hospitality — offering investors the solidity of tangible assets and the scalability of recurring hotel income.
With its proven ability to execute projects, growing balance sheet, and regional expansion plans, the company appears well-poised to deliver sustainable growth and strong shareholder value over the next 2–5 years.
For investors looking to ride Nigeria’s urbanization wave and tap into the long-term potential of the real estate and hospitality sectors, Haldane McCall might just be a stock worth watching closely.