The Nigerian Aviation Handling Company Plc has revealed plans to grow its turnover to ₦300bn within the next five years as part of a plan aimed at expanding its operations and strengthening shareholder value.
Speaking at the company’s Annual General Meeting held over the weekend, Chairman of NAHCO, Seinde Fadeni, said the board and management remain committed to executing the five-year growth strategy that would drive the next phase of the company’s evolution.
According to him, NAHCO has made progress across its operations, including improved operating strategy, investment in equipment, enhanced staff welfare, and strong technical capacity, placing the company on a path to sustained growth.
“The year was one of tremendous progress, marked by significant achievements and a renewed sense of purpose across all facets of our operations,” Fadeni stated.
He noted that the company’s 2024 financial results accentuated the success of its transformation efforts. For the year ended December 31, 2024, NAHCO recorded a 115.4 per cent increase in profit before tax, rising to N18.70bn from N8.68bn in 2023. Revenue grew by 88.5 per cent to N53.54bn, up from N28.40bn the previous year.
Gross profit stood at N33.08bn, representing a 120.53 per cent jump from N15bn in 2023, while operating profit rose by 123.93 per cent to N19.84bn from N8.86bn in the previous year, indicating strong core operational performance.
At the meeting, the shareholders approved a dividend payout of N11.58bn for the 2024 business year, translating to N5.94 per share, a 134 per cent increase from the N4.95bn paid in 2023.
Fadeni also disclosed that NAHCO would deepen its diversification strategy by investing in hospitality with plans to build a hotel and grow its commodities export business. He added that the company was investing in new technology, including the implementation of Oracle ERP and HCM systems to boost efficiency and digital transformation.
“In the last year, the company has been re-fleeting its equipment. We have a target to replace all ageing equipment by December 2025,” he said.
He further highlighted NAHCO’s commitment to staff welfare, citing a recent 50 per cent salary increase, profit-sharing and performance bonuses.
Group Managing Director Olumuyiwa Olumekun said the commissioning of NAHCO’s new export packaging and processing centre in Lagos, the first of its kind in Nigeria, is a move to position Nigerian products more competitively in the global market and create jobs.
He said the company would focus on four pillars consisting of sustained growth, equipment re-fleeting, digitisation, and environmental, social and governance to drive performance in the years ahead.
“Since transiting from being the foremost ground handling service provider in the entire sub-region to being a diversified, total logistics group, we have been driven by the earnest desire to provide unmatched service delivery and enhance shareholder value,” Olumekun added.
Shareholders expressed satisfaction with the company’s financial performance and consistent value creation.
Founder of the Independent Shareholders Association of Nigeria, Sunny Nwosu, praised the board for delivering across all key metrics, while President of the Association for the Advancement of Rights of Nigerian Shareholders, Faruk Umar, commended NAHCO for its capital appreciation and dividend growth.
“We are happy with NAHCO. If you see the share price from some years ago and what it is now, you will understand the value creation we are talking about. The share price has traded above N80 this year, from below N10 just a few years ago,” Umar said.
The PUNCH reported that shareholders of the Nigerian Aviation Handling Company have declared a dividend payout of N11.6bn for the 2024 financial year, leaving shareholders in ecstasy.
