“NAHCO Achieves N12.86 Billion Profit, 132% Growth Fueled by 120% Surge in Gross Profit”

As of December 31, 2024, Nigerian Aviation Handling Company (NAHCO) has recorded significant financial growth, showcasing resilience and robust performance despite market challenges. The company posted a remarkable profit for the year, achieving N12.86 billion, a significant increase from N5.54 billion in the previous year, reflecting a 132% year-on-year growth. This achievement is driven by an impressive rise in gross profit to N33.08 billion, up from N15 billion in 2023, marking a nearly 120% increase.

This strong performance comes on the back of a solid revenue generation of N53.54 billion for the year, up from N28.4 billion in 2023. Despite the pressures from finance costs and expected credit losses, which totaled N1.28 billion and N461.8 million, respectively, the company effectively managed its operating costs and administrative expenses, which stood at N20.46 billion and N13.82 billion, respectively.

The company’s earnings per share (EPS) also saw an impressive increase, reaching 660 kobo in 2024, compared to 284 kobo in 2023, underlining its enhanced profitability.

NAHCO’s non-current assets grew to N24.42 billion from N8.67 billion in the previous year, reflecting its strategic investments in property, plant, and equipment, as well as continued improvements in intangible assets and financial positions. With total assets reaching N46.95 billion and equity holders’ funds standing at N20.07 billion, the company remains well-positioned to continue its growth trajectory in the aviation handling industry.

Reflecting on the year’s performance, NAHCO’s management expressed confidence in their ability to sustain growth and deliver value to shareholders while maintaining their commitment to operational excellence and customer satisfaction. As the company strengthens its market position, stakeholders can expect continued resilience and profitability in the years ahead.

Key highlights of NAHCO’s performance include a gross profit of N33.08 billion, up from N15.00 billion in the previous year. Operating costs rose in line with revenue growth, but NAHCO’s efficient management of its operational expenses ensured profitability remained strong. Despite a slight rise in finance costs, primarily driven by higher financing activities, the company’s ability to control administrative expenses helped maintain healthy profit margins.

The increase in expected credit losses, amounting to N461.8 million, reflects the company’s strategic decision to account for potential risks, though these were far outweighed by the overall growth in its earnings. Income tax expenses for the year stood at N5.84 billion, reinforcing NAHCO’s position as a significant player in the aviation sector.

Looking beyond profits, NAHCO’s total equity for the group grew to N20.07 billion from N12.12 billion in 2023, highlighting a healthy capital structure that supports further expansion and strategic investments. The company also saw growth in its non-current assets, with property, plant, and equipment increasing to N23.36 billion, positioning NAHCO for continued growth in its core business operations.

This remarkable growth trajectory showcases NAHCO’s commitment to excellence and reflects its ability to adapt and thrive in an ever-evolving market. With strong financial health and a clear vision for the future, NAHCO is poised to continue its role as a leader in the aviation handling industry in the years to come.

Stay informed, Stay ahead with The Ameh News