Shareholders of the Nigerian Aviation Handling Company Plc (NAHCO) have commended the Company’s board following the company unprecedented performance in its revenue turnover.
The Shareholders, commendations comes ahead of the 44th Annual General Meeting of NAHCO scheduled for Friday, May 23, 2025.
The commendation, also came on the heels of the declaration of FY 2024 audited results as profit before tax soared by 115.4 per cent to 18.70 billion naira in 2024 as against 8.68 billion in 2023.
Total revenue rose by 88.5 per cent from 28.40 billion naira in 2023 to 53.54 billion naira in 2024 and with increased top-line efficiency, gross profit increased by 120.53 per cent to 33.08 billion naira in 2024 as against 15 billion naira in 2023.
Operating profit also jumped by 123.93 per cent from 8.86 billion naira to 19.84 billion naira underscoring the fact that the groups performance was driven mainly by core business operations.
Based on this result, the Dr Seinde Fadeni-led board of directors has recommended distribution of 11.58 billion naira as cash dividends to shareholders for the 2024 business year, more than double of 4.95 billion naira distributed for the 2023 business year.
The Q1, 2025 Unaudited results of the Company submitted to the Nigerian Exchange (NGX), has also revealed that the Company is set to outperform the Q1, 2024 results with Q1, 2025 as revenue more than doubled the 2024 figure for the same period.
A statement by the Company pointed out that contracts renewal with clients has been concluded at the rate of 95 percent while new clients have been onboarded.
NAHCO is also taking delivery of new Ground Support Equipment just arriving the Lagos Seaport which will further help service delivery.
The series of developments have earned the commendation of shareholders, regulators and other stakeholders.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, commended the board and management of NAHCO for running the company in a way that delivers increasing values for the shareholders.
He urged the company to continue its commendable growth trajectory, by continuing to explore other emerging opportunities.
Also President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar said NAHCO has shown very impressive performance, citing the company’s results for full-year 2024 and first quarter 2025.
He noted that in 2024, the Company had a robust financial performance which was unprecedented, adding that the dividend of 5.94 per share declared by the board of directors is highly commendable.
On his part, Chairman, Proactive Shareholders Association, Taiwo Oderinde, speaking on the exemplary performance of the Company said that the profit has been awesome.
Oderinde, said since the new investor came on board, the Company has been on the upward swing, adding that the performance has been excellent.
He urged the Board and Management of the Company not to rest on their oars even as he made a case for regular in-person AGM in the near future.
In her own comments, the Chairman, Ark of God Shareholders Association, Efunyemi Olatunde Obideyi said NAHCO has surprised all shareholders by its performance.
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