NAHCO projects N300bn turnover with diversification
The board of Nigerian Aviation Handling Company (NAHCO) Plc has stated that the five-year growth strategy being implemented by the company would drive its turnover above N300 billion within the next five years. This emerged at the annual general meeting held at the weekend, the board said the company has continued to strengthen its position […]
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The board of Nigerian Aviation Handling Company (NAHCO) Plc has stated that the five-year growth strategy being implemented by the company would drive its turnover above N300 billion within the next five years.
This emerged at the annual general meeting held at the weekend, the board said the company has continued to strengthen its position as the market leader in aviation ground handling while diversifying into new opportunities.
The assurance came as shareholders approved the payment of N11.58 billion as cash dividends for the 2024 business year, representing a dividend per share of N5.94. The latest dividend represented 134 per cent increase on N4.95 billion paid for the 2023 business year.
Chairman, Nigerian Aviation Handling Company (NAHCO) Plc, Dr Seinde Oladapo Fadeni, said the board and management are completely focused on implementing the company’s five-year strategic blueprint, which would drive the next phase of the growth of the group.
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According to him, the company is undergoing a transformative change that has seen improvement in operating strategy, equipment, staff welfare and management and significant investments in technical know-hows and new opportunities.
He noted that the 2024 performance signposted what the future holds for shareholders of the company, assuring that the group is in position to sustain impressive growths and achieve its target of N300 billion turnover.
“The year was one of tremendous progress, marked by significant achievements and a renewed sense of purpose across all facets of our operations,” Fadeni said.
The audited report and accounts of NAHCO for the year ended December 31, 2024 showed that profit before tax doubled by 115.4 per cent to N18.70 billion in 2024 as against N8.68 billion in 2023. Total revenue rose by 88.5 per cent from N28.40 billion in 2023 to N53.54 billion in 2024. With increased top-line efficiency, gross profit increased by 120.53 per cent to N33.08 billion in 2024 as against N15 billion in 2023.Operating profit also jumped by 123.93 per cent from N8.86 billion to N19.84 billion, underscoring the fact that the group’s performance was driven mainly by core business operations.
Fadeni said, “The company continues to adapt and push forward, maintaining operational efficiency and striving to uphold its standard of service excellence and increased shareholders’ value.
“The board understands the important place of technology in modern business and is committing funds into providing the company with next generation technology to enable it run its processes smoothly and efficiently. The company is currently implementing Oracle ERP and HCM systems, a pivotal initiative designed to enhance NAHCO’s efficiency and digital transformation.
“In the last one year, the company has been re-fleeting its equipment. We have a target to replace all ageing equipment by December 2025.”
He disclosed that the recent 50 per cent increase in salary, along with the existing annual profit-sharing initiative and semi-annual performance bonus scheme reflected the company’s commitment to staff welfare.
Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr Olumuyiwa Olumekun, said in the last one the company has recorded a number of firsts including the recertification of the company in three major stations of Lagos, Abuja and Kano and the commissioning of a new NAHCO Export Packaging and Processing Centre, Lagos.
“We have embarked on a journey that not only strengthens our foothold in the global market but also contributes to the economic development of Nigeria,” Olumekun said.
Shareholders who lauded the increase in dividend payout in addition to the capital gain on the company’s share at the stock market has made NAHCO one of the best investments they have ever made.