NAHCO explains 63% growth in revenue, sees increased cargo rates

The foremost ground handling firm, Nigerian Aviation Handling Company Plc (NAHCO), has recorded a profit before tax (PBT) of N3.8 billion for the 2022 financial year.

This is an increase of 315.4 per cent over the N924.86 declared for the same period in 2021, even as the first handling company looks forward to a greater and more profitable future premised on its planned diversification beyond aviation.

The chairman of NAHCO, Dr Seinde Fadeni, who spoke on the sidelines of the recent 42nd AGM of the company in Lagos, said the company remained resilient and committed to delivering value to the organisation and its esteemed shareholders.

According to him, despite the economic headwinds occasioned by COVID-19 which stalled businesses in greater parts of 2020 globally, the firm’s recovery was rapid owing to several innovations introduced by the team.

He said, “Our group’s revenue for the year 2022 was N16.7bn, a 63 per cent increase from the previous year’s figure of N10.2bn. This was due to a combination of factors, including the increase in aircraft handling rates, and the onboarding of new routes by some loyal clients such as Qatar Airways’ expansion into the Kano and Abuja routes and Ethiopia Airlines’ addition of the Enugu route to its destinations.

“We also benefited from Air Peace’s commencement of the Port Harcourt–Cameroon route.”

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