Haldane McCall Posts N540m Profit Amid Declining Cash Flow
Net profit rose 30.2% to N540.87 million for the nine months ended September 2026
In Brief
- •Net profit rose 30.2% to N540.87 million for the nine months ended September 2026
- •Revenue climbed 59.4% to N2.90 billion, but cost of sales surged to N1.69 billion
- •Operating profit increased 37.1% to N850.16 million, yet operating cash flow was negative N5.95 billion
- •Total assets grew 55.4% to N32.73 billion, with property, plant and equipment at N19.36 billion
- •Market capitalisation stands at N10.6 billion after a 14.75% share decline YTD
Why It Matters
Haldane McCall’s earnings growth contrasts sharply with its deteriorating cash‑flow position, underscoring the risk of relying on accrual accounting in a capital‑intensive real‑estate sector. Investors and creditors may view the widening gap between profitability and liquidity as a warning sign of potential funding challenges. The company’s expanding asset base and construction pipeline could drive future revenue, but the steep rise in construction inventories and cost of sales suggests that profitability may be eroded if project costs continue to climb. Market participants will monitor how the firm balances growth ambitions with cash‑flow sustainability.
Key Details
- Net Profit
- N540.87 million
- Revenue
- N2.90 billion
- Operating Profit
- N850.16 million
- Operating Cash Flow
- -N5.95 billion
- Total Assets
- N32.73 billion
- Market Capitalisation
- N10.6 billion
Context & Background
Haldane McCall Plc is a Nigerian real‑estate developer listed on the Nigerian Stock Exchange (NGX).
Original Reporting & Sources
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