NAHCO’s After-Tax Profit Soars By 85% On Financing Income

The Nigerian aviation services company Nigerian Aviation Handling Company Plc (NAHCO) had an 85% increase in after-tax profit in the first nine months of 2024, primarily due to financing income.

After-tax profit increased from N4.96 billion in the same period of 2023 to N9.18 billion in the nine months of 2024.

Subsequent investigation shows that throughout the studied period, the company’s financing income was N109.3 million, compared to a negative N4.12 million.

In the first nine months of 2024, revenue climbed to N33.9 billion from N18.5 billion in 2023.

Within the next five years, NAHCO Plc wants to increase its entire group revenue by N300 billion.

NAHCO’s group executive director for international business and corporate services, Sola Obabori, made this statement during the company’s “bell ringing and facts behind the figures” event on Tuesday in Lagos.

The company will achieve N38.49 billion at the end of 2024, N71.12 in 2025, N101.93 billion in 2026, N146.07 billion in 2027, N209.34 billion in 2028 and N300 billion in 2029,” he told reporters.

Obabori continued, “We are committed to achieving specific performance goals by 2029, while simultaneously growing our service offerings.”

He stated that in order to accomplish this, “we are embarking on a five-year transformation journey to build a new NAHCO, centred around four key pillars: deliver a transformed people and culture, lead with digital, differentiate with operational excellence, and accelerate growth in business.”

“Ground Handling will contribute N120 billion: Cargo Handling will contribute N40 billion, while NAHCO Logistics Services will contribute N36 billion.

“Other subsidiaries are NAHCO Free Zone, NAHCO Commodities, NAHCO Travel & Hospitality, Aviation Academy will contribute N15 billion, N80 billion, N7 billion and N2 billion,” Obabori explained.

Obabori remarked that the company’s planned growth trajectory pushes it to focus on operational efficiency and performance enhancement.

After Emirates’ flights to Nigeria resumed in September, NAHCO won the bid once more to supply Emirates Airlines with passenger and cargo ground handling services at Lagos Airport.

In a statement, the company claimed that the extended contract demonstrates its dedication to providing outstanding ground-handling services and emphasizes its position as a vital partner in Nigeria’s aviation sector.

The company stated that the partnership with Emirates Airlines strengthens NAHCO’s standing as a reliable service supplier to some of the top airlines in the globe.

“We are honored to welcome Emirates Airlines back to Nigeria and to continue our long-standing relationship with this important Airline. Securing this renewal demonstrates NAHCO’s consistent quality of service and our partners’ confidence in us,” said Seinde Fadeni, chairman of NAHCO PLC.

“We look forward to continuing to set the standard for ground handling in Nigeria and further strengthening valued partnerships,” he said.

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