NAHCO Post Impressive Growth as Profit Rises by 315.1%

Kayode Tokede

Nigerian Aviation Handling Company (NAHCO) Plc recorded impressive growths across key performance indicators in 2022 with profit before tax rising by 315.14 per cent to N3.84 billion.

The board of the aviation handling group has recommended increase in dividend payouts from N665.93 million paid for the 2021 business year to N2.339 billion for the 2022 business year, an increase of 251 per cent.

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 the 2022 business year. 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 per cent from N10.233 billion in 2021 to N16.708 billion in 2022. Gross profit doubled by 125.81 per cent from N3.344 billion to N7.551 billion. Operating profit rose by 274.2 per cent from N1.053 billion to N3.940 billion.

Despite the inflationary trend that affected administrative expenses, profit before tax jumped by 315.14 per cent to N3.842 billion in 2022 as against N924.86 million in 2021. Net profit increased by 246.4 per cent from N771.62 million to N2.674 billion. Earnings per share also rose by 257.89 per cent from 38 kobo to N1.36. Group balance sheet also expanded with total assets rising by 13.9 per cent from N16.44 billion to N18.73 billion.

The group performance was underlined by significant improvements across the businesses, driven mainly by the group’s flagship handling business.

Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr. Indranil Gupta, said the 2022 results showed the gains of recent investments and continuous improvements in the operations of the aviation handling group.

He pointed out that the 63 per cent growth in revenue underlined the group’s leadership in the aviation handling business as customers continue 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.

“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,” Gupta said.