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Published On: Wed, Nov 20th, 2019

NAHCO rakes in N7.38bn revenue in Q3 2019

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From Suleiman Idris, Lagos

Leading firm, Nigerian Aviation Handling Company Plc (nahco aviance) yesterday affirmed that the company is on the upward swing as it announced that it posted a gross revenue of N7.38Billion for the nine – month period ended September 30, 2019.
The Company subsequently posted a Profit Before Tax of 973.1 million for the Q3 ended September 30, 2019.
The figure show a 241.3million, a 32.96 percent higher than the amount for the same period last year for the Nigeria’s foremost ground handling company.
Also, NAHCO disclosed that its Profit After Tax stood at N782 million for the nine-month period which compared favourably with the N601.31 Million recorded for the same period in 2018, translating to a positive 30 percent increase.
The performance released by the Company to the Nigerian Stock Exchange (NSE) showed that the organization was already reaping from the gains of its transformation programme which commenced at the inception of the present management.
Earnings per share stood at 48kobo as at the end of the third quarter of 2019 compared to 37kobo as earnings per share as at the end of the third quarter of 2018.
The Board appointed a new management for the Company which early this year embarked on a five – year transformation plan. The Company is continuing the massive upgrade of its equipment, warehouses and other facilities at the airports.
Commenting on the results, the Group Managing Director/CEO, Mrs. Olatokunbo Fagbemi said, she was delighted that the Company was making progress on all fronts.
“NAHCO is in a good place. Apart from being the industry leader in ground handling in West Africa, we are also providing leadership in supporting our partners, the Cargo agents, in the important skills of packaging for export,” she said.
In the period that the new Management took over, the Company had increased the capacity of its export warehouse and is currently renovating its import warehouse.
NAHCO is also taking advantage of opportunities emanating from Federal Government’s closure of the land borders as it is partnering stakeholders on proper packaging for their products for exports.
NAHCO recorded an impressive revenue in excess of 9.8 Billion for the 2018 financial year.

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