NAHCO grows revenue by 70%, targets N100bn in 5 years

The Nigerian Aviation Handling Company (NAHCO) Plc grew its revenue to N28.4 billion in the 2023 financial year performance, an increase from N16.7 billion in the previous year, indicating 70 per cent increase when compared to the 2022 financial year’s performance.

This is just as the group is targeting N100bn in the next five years.

These emerged during the 43rd Annual General Meeting (AGM) of the company held in Lagos on Friday, where the 2023 annual reports and accounts were presented.

The shareholders of the company also smiled home with a gross dividend of N2.54 per ordinary share, amounting to N4.95bn.

Breakdown of the financial report of the company further showed that Profit Before Tax (PBT) stood at N8.68bn, which was over 120 per cent increase to the 2022 period at N3.84bn.

Also, Profit After Tax (PAT) was N5.54bn, indicating an increase from N2.67bn in the same period in the 2022 financial year. The PAT growth was 107 per cent in the 2023 financial year when compared to the 2022 period.

Also, the company’s gross profit for the 2023 year ended was N15bn, doubling the N7.5bn earned in the 2022 financial year.

Besides, profit for the year ended was N5.5bn, indicating an increase from N2.6bn in the previous year.

The Group Chairman of NAHCO, Dr Seinde Fadeni, disclosed plans to diversify its investment portfolio in order to create new jobs and contribute significantly to resolving the country’s foreign exchange crisis with the ambitious target to increase revenue to N100bn in the next five years.

The Group Managing Director (GMD) of NAHCO, Mr Indrani Gupta, stated that compared to the 2022 fiscal year, the company witnessed a substantial increase in key financial indicators, including revenue profitability and shareholders’ returns, saying the growth was made possible by the dedication, hard work and strategic vision of its entire team.