Nigerian Aviation Handling Company (NAHCO) shareholders have stated that the firm’s ability to more than double its profit before tax (PAT) by 115.4 per cent to N18.70 billion from N8.68 billion in 2023 reflects a remarkable transformation anchored on strong financial discipline, strategic leadership, and a renewed focus on core operations.
Ahead of the company’s 44th yearly general meeting, the shareholders further pointed to the 88.5 per cent increase in total revenue, which grew from N28.40 billion in 2023 to N53.54 billion in 2024, as evidence of NAHCO’s improved market position and business efficiency.
The company’s gross profit rose by 120.53 per cent from N15 billion to N33.08 billion, while operating profit surged by 123.93 per cent to N19.84 billion, from N8.86 billon showing that the growth was driven by the company’s primary activities.
The board of directors, led by Dr Seinde Fadeni, recommended a cash dividend of N11.58 billion for the 2024 financial year, more than double the N4.95 billion paid out in 2023.
The shareholders have welcomed this move as a reflection of the company’s commitment to rewarding investor confidence. They also acknowledged NAHCO’s solid start in 2025, with the Q1 unaudited results indicating that revenue has already more than doubled compared to the same period last year.
This, alongside a 95 per cent client contract renewal rate and the onboarding of new clients, further supports shareholders’ belief that the company is on a sustainable path of growth.
The shareholders also noted that the anticipated deployment of new Ground Support Equipment at the Lagos Seaport is expected to boost efficiency even further.
National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude praised the board and management for consistently delivering value and exceeding investor expectations. He urged the company to maintain its growth momentum by exploring new opportunities.
President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, also applauded NAHCO’s stellar performance, describing the 2024 results and 2025 first-quarter indicators as unprecedented. He commended the declared dividend of N5.94 per share and expressed optimism for continued success throughout the year, attributing it to effective leadership and dedicated management.
Chairman of the Proactive Shareholders Association, Taiwo Oderinde described the profit performance as awesome, attributing the company’s rise to the involvement of a new investor. He urged the management not to relent and called for a return to regular in-person AGMs.
Chairman of the Ark of God Shareholders Association, Mrs. Efunyemi Olatunde Obideyi, expressed astonishment at NAHCO’s growth, particularly the rise in share price from N4 to N85. She added that shareholders who had anticipated such a transformation would have acquired more shares and praised the company for continuously exceeding expectations.
