NAHCO’s shareholders to get N11.58bn dividend
Aviation ground handling company, Nigeria Aviation Handling Company (NAHCO) PLC, is increasing dividend payout to shareholders by 134 per cent, riding on the back of record revenue and profitability. The latest audited report and accounts of NAHCO, for the year ended December 31, 2024, released at the Nigerian Exchange (NGX) indicated strong performance both for […]
nahco chair, seinde fadeni
Aviation ground handling company, Nigeria Aviation Handling Company (NAHCO) PLC, is increasing dividend payout to shareholders by 134 per cent, riding on the back of record revenue and profitability.
The latest audited report and accounts of NAHCO, for the year ended December 31, 2024, released at the Nigerian Exchange (NGX) indicated strong performance both for the profit and loss accounts.
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 doubled 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.
Profit before tax doubled by 115.4 per cent to N18.70 billion in 2024 as against N8.68 billion in 2023. After taxes, net profit leapt by 132 per cent from N5.54 billion to N12.86 billion.
Consequently, earnings per share rose by 132 per cent from N2.84 in 2023 to N6.60 in 2024, providing headroom for a similar percentage increase in dividend payouts without undermining the group’s recent dividend payout trend.
The NAHCO Group is a well-diversified conglomerate with interests in aviation ground handling, airport management, aviation training, free trade zone, commodities export, and energy solutions.
In addition to its main ground handling business and cargo handling business, other subsidiaries included Mainland Cargo Options Limited, Nahco Free Trade Zone Limited, NAHCO Power Solutions Limited, NAHCO Management Services, NAHCO Travels & Hospitality Limited, NAHCO Aviation Academy and NAHCO Commodities Limited.
The Dr Seinde Fadeni-led board of directors has recommended distribution of N11.58 billion as cash dividends to shareholders for the 2024 business year, more than a double of N4.95 billion distributed for the 2023 business year.
Shareholders, who are expected to approve the dividend recommendation at their forthcoming annual general meeting, will receive a dividend per share of N5.94 for the 2024 business year compared with N2.54 paid for the 2023 business year, representing an increase of 133.9 per cent.
With current dividend yield in double digits, NAHCO has recorded capital gain of 175 per cent over the past 15 months, underscoring the strong positive investors’ sentiments that have shaped trading on the company’s shares.
NAHCO’s share price, which started 2024 at N25.40 per share, opens this week at N69.90 per share, representing capital gain of 175.2 per cent.
The positive operational performance over the years has continued to strengthen the group’s capacity for long-term sustainability. Total assets rode on the back of retained earnings to expand to N46.95 billion in 2024, as against N27.31 billion in 2023.
Shareholders’ funds rose by 65.5 per cent from N12.13 billion to N20.07 billion. Retained earnings had grown by 84.1 per cent from N9.40 billion in 2023 to N17.31 billion in 2024.
All the businesses of the group are growing and profitable, with its largest and best-known ground handling business providing a comfortable lead.
Total revenue from the ground handling business doubled by 105 per cent – from N17.86 billion in 2023 to N36.60 billion in 2024. Segmental headline profit jumped by 146.1 per cent from N9.20 billion to N22.64 billion.
Cargo business income rose by 38.7 per cent from N7.18 billion to N9.96 billion, with accompanying profit increasing by 59 per cent from N3.47 billion to N5.52 billion.
Revenue from other businesses doubled by 108 per cent from N3.36 billion to N6.98 billion while related headline profit grew by 107 per cent from N1.77 billion in 2023 to N3.67 billion in 2024.
In February 2025, NAHCO, in a first of its kind in the aviation industry, received federal government’s approval to handle shipments with radioactive contents in its facilities at the airports. The approval, jointly conveyed by the Nigerian Civil Aviation Authority (NCAA) and the Nigerian Nuclear Regulatory Authority (NNRA), directed “all importers and exporters of radioactive material” to “contact NAHCO for import and export of radioactive material.”
Group Managing Director, Nigerian Aviation Handling Company (Nahco aviance) Plc, Mr Olumuyiwa Olumekun, said the approval was based on a thorough assessment of the group’s facilities, including equipment and human resources, as well as the group’s compliance with global protocols and processes.
According to him, the company has put in place clear, diligent and thorough processes that would ensure 100 per cent compliance to procedures by highly–trained company professionals as they carry out the specialised functions.
Group Executive Director, Commercial and Business Development, Nigerian Aviation Handling Company (NAHCO) Plc, Prince Saheed Lasisi, said that the latest approval was a good development for importers and exporters who have been having challenges exporting and importing shipments with radioactive contents.
The Group Executive Director, International Business and Corporate Services, Dr Sola Obabori, assured that the company would sustain growth in sales and profitability over the next five years.
“We are embarking on a five-year transformation journey to build a new NAHCO, centred around four key pillars; accelerate growth in business, differentiate with operational excellence, lead with digital and deliver a transformed people and culture,” Obabori said.