The company's audited financial statements revealed significant growth across essential financial metrics, with revenue surging by 87 percent to N53.2 billion in 2024, up from N28.4 billion the previous year. This growth was primarily fueled by heightened demand for ground handling services and enhanced operational efficiencies.
Despite the revenue increase, NAHCO encountered rising costs, as operating expenses escalated to N21 billion in 2024 from N13.4 billion in 2023, reflecting an uptick in operational activities. Administrative expenses also rose to N11.3 billion, up from N6.1 billion in the prior year.
Nevertheless, the company sustained its profitability, with gross profit doubling to N32.2 billion from N15 billion in 2023.
Profit before tax experienced a significant rise of 111 percent, reaching N18.3 billion in 2024, compared to N8.68 billion in the previous year, bolstered by effective cost management and increased revenue.
During the review period, finance income grew to N146 million from N20 million, while finance costs increased to N1.18 billion from N202 million in 2023.
Tax expenses for the year amounted to N5.43 billion, an increase from N3.14 billion in the previous year, reflecting the company's enhanced earnings.
Additionally, earnings per share rose to 660 kobo from 284 kobo in 2023, indicating improved returns for shareholders.
The Nigerian Aviation Handling Company Plc has set an ambitious goal of achieving N300 billion in total group revenue over the next five years.