The Nigerian Aviation Handling Company PLC (nahchoaviance) closed the 2024 financial year with profit before tax growing by 115.4 per cent from N8.68 billion declared in 2023 to N18.70 billion in 2024.
The ground handling firm disclosed this in its audited statement ahead of its 44th annual general meeting slated for Friday, May 23, 2025.
The report also stated that 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 increased 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 company’s performance was driven mainly by core business operations.
Based on the performance, the company’s board of directors headed by Dr Seinde Fadeni, recommended N11.58 billion as cash dividends to shareholders for the 2024 business year.
The 2024 dividends double of N4.95 billion distributed for the 2023 business year.
The Q1, 2025 unaudited results of the Company submitted to the Nigerian Exchange (NGX) also revealed that nahcoaviance is set to outperform the Q1, 2024 results with Q1, 2025 as revenue more than doubled the 2024 figure for the same period.
The statement pointed out that contracts renewal with clients had been concluded at the rate of 95 per cent while new clients were being brought on board.
“Nahcoaviance is also taking delivery of new ground support equipment, just arriving the Lagos Seaport which will further help service delivery.
“These series of developments have earned the commendation of shareholders, regulators and other stakeholders,” the statement added.
Meanwhile, the national coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr Moses Igbrude, commended the board and management of the company for managing it in a way that delivers increasing values for the shareholders.
“Nahcoaviance has done fantastically well, it has outperformed investors’ expectations. The present board and management are running the business very well,” Igbrude said.
He urged the company to continue its commendable growth trajectory, by continuing to explore other emerging opportunities.
Similarly, the president, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar said Nahco had shown impressive performance, citing the company’s results for full-year 2024 and first quarter 2025.
According to him, in 2024, the company had a robust financial performance which was unprecedented.
He described as “highly recommendable” the dividend of N5.94 per share declared by the board of directors.
“Looking at the 2025 first quarter result that witnessed a tremendous increase, we believe this year will be very impressive for shareholders.
“We commend the board chairman for his effective leadership, as well as the management and staff of the company for their dedication and commitment to the progress of the company, Umar said.
In the same vein, the chairman, Proactive Shareholders Association (PSA), Mr Taiwo Oderinde, commended the company for its “exemplary performance” and described the profit declared as “awesome.”
“Since the new investor came on board, the company has been on the upward swing. The performance has been excellent,” he added.
In her remarks, the chairman, Ark of God Shareholders Association, Mrs. Efunyemi Obideyi said Nahcoaviance had surprised all the shareholders by its performance.
She described as “unimaginable” the jump in the share price from N4 per share to N85.00.
