NAHCO Grows Profit to N3.8bn

Olufemi Adeyemi 

Nigerian Aviation Handling Company (NAHCO) Plc has said its pre-tax profit rose by 315.14 percent to N3.84 billion in 2022.

The board of the aviation handling group has also recommended an increase in dividend payment to N2.34 billion for the 2022 business year from N665.9 million paid for 2021, according to a statement.

Shareholders on the register of the company as at close of business on May 12, 2023 will receive a dividend per share of N1.20 for 2022. The dividend will become payable on May 26, 2023.

The audited report and accounts for the year ended December 31, 2022 released at the Nigerian Exchange (NGX) showed that group turnover rose by 63.3 percent from N10.23 billion in 2021 to N16.708 billion in 2022.

Gross profit increased by 125.81 percent from N3.344 billion to N7.551 billion. Operating profit rose by 274.2 percent from N1.053 billion to N3.940 billion.

Net profit increased by 246.4 percent from N771.62 million to N2.674 billion. Earnings per share also rose by 257.89 percent from 38 kobo to N1.36.

The firm’s total assets grew 13.9 percent from N16.44 billion to N18.73 billion. Total equity funds improved by 28.6 percent from N7.02 billion to N9.03 billion.

Indranil Gupta, group managing director of NAHCO, said the 2022 results showed the gains of recent investments and continuous improvements in the operations of the aviation handling group.

He said the 63 percent growth in revenue underlined the group’s leadership in the aviation handling business as customers continued to show preference for the group.

He assured that as the Nigerian aviation industry expands, NAHCO has been well-positioned to harness emerging opportunities with its extensive nationwide coverage.

According to him, the group subsidiaries have also shown resilience and have started making notable contributions to the group performance, providing additional support base for future growth.

Gupta said: “We are excited with our performance in 2022, which on one hand showed the recovery in global and national aviation business, and on the other hand reflected the investments we have made in our businesses and customers collaboration.

“We are optimistic that we will continue on this growth trajectory. We will continue to look for opportunities to optimize our assets and deliver better returns to our shareholders.”

April 28, 2023