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Published On: Mon, Aug 13th, 2018

Amidst lucrative clients acquisition, NAHCo post N4.6bn profit

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From Suleiman ldris, Lagos

Following series of recent new clients aquisition, Nigeria leading ground handling firm Nigerian Aviation Handling Company (NAHCo) Aviance, is upbeat it profits is on the rise having posted a 25 percent increase in profit in the first half of 2018 compare to last year.
The company said it achieved a turnover of N4.64 billion in the first six months of 2018 as against a N3.71billion posted for the same period in 2017.
The company spokesman and Manager, Communications & Corporate Services, Mr. Tayo Ajakaye told reporters the disclosure followed the publication of it superlative 2018 half year financial performance.
He explained that the period also witnessed the signing of series of new contracts to offer ground handling services to local and foreign airlines operating into Nigeria.
Such deals are for Max Air, a new entrant on the lucrative Lagos-Kano route, Hajj operations for Medview, both international and Hajj operations for Flynas, as well domestic and regional operations Air Peace and Aero World.
The turnover saw a Profit Before Tax(PBT), of N500.97million as against N203.08 million reported as at half year 2017, a 147 per cent increase over last year.
It Profit After Tax(PAT) for the half year 2018 stands at N418.57million, an increase of 137 per cent over the N176.32 million recorded for the same period of last year.
Nahco Managing Director/CEO, Mr. Idris Yakubu who assumed leadership of the firm in November 2017 affirmed the result represent a growing faith in the new management that has superintended the affairs of the company during the period.
“We are pleased with the patronage of our Valued Clients, the Airlines and the Agents, as well as the contributions of our hardworking and dedicated staff to this very positive result. Management is committed to staff welfare and will continue the negotiation of the Staff Condition of Service, and conclude before the current booklet expires end September 2018”.
He said “Management’s commitment to Staff Welfare led NAHCo to be adjudged as one of the Top 100 Best Places to work in Nigeria in 2018 by highly rated Jobberman.”
Yakubu stated that shareholders should look forward to sustained profit performance at year end, on the back of the strong showing of the first half of 2018.
The company recently concluded its AGM in Abuja, where shareholders approved of its plans to acquire new Ground Support Equipment (GSE).
Yakubu had impressed on the board and the company’s shareholders of the necessity for the equipment to enable the company better serve its clients.
“We are pleased with the progress made by your company (NAHCo) in sustaining earnings, profit and operating performance in our business during the year. To enable us consolidate our leadership position in the industry, we have embarked on initiatives which have helped us better maintain our client base and win many new names,” the former bank executive told shareholders.

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