Shareholders of the Nigerian Aviation Handling Company (NAHCO) have expressed strong approval of the company’s stellar financial performance ahead of its 44th Annual General Meeting (AGM) slated for Friday, May 23, 2025.
Their excitement follows the release of NAHCO’s audited full-year 2024 financial results, which showed a 115.4% jump in profit before tax to N18.70 billion, up from N8.68 billion recorded in 2023. Revenue rose sharply by 88.5% to N53.54 billion, compared to N28.40 billion the previous year.
Gross profit for the year climbed 120.5% to N33.08 billion from N15 billion in 2023, while operating profit rose 123.9% from N8.86 billion to N19.84 billion—driven largely by improved core operational efficiency.
In light of the strong performance, the board of directors, chaired by Dr. Seinde Fadeni, has recommended a cash dividend payout of N11.58 billion for the 2024 business year—more than double the N4.95 billion distributed in 2023. This translates to a dividend of N5.94 per share.
NAHCO’s unaudited Q1 2025 results, recently filed with the Nigerian Exchange (NGX), further boosted investor confidence. The company reported that revenue for the period more than doubled compared to Q1 2024, signaling continued momentum into the new financial year.
The company also confirmed that 95% of its contracts have been successfully renewed, and several new clients have been added to its portfolio. In addition, new Ground Support Equipment is currently arriving at the Lagos Seaport, aimed at boosting service delivery.
The developments have drawn praise from shareholders and market stakeholders alike.
National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, described the results as “fantastic” and credited the current board and management for exceeding investor expectations.
“NAHCO has outperformed across all metrics. The board and management are doing an excellent job, and we encourage them to maintain this growth trajectory,” Igbrude said.
President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, lauded the company’s “robust and unprecedented” financial performance.
“The dividend declaration is highly commendable. Given the strong Q1 2025 results, this year looks promising for shareholders. We also commend the chairman and management team for their leadership and dedication,” Umar stated.
Chairman of the Proactive Shareholders Association, Mr. Taiwo Oderinde, noted that NAHCO has maintained an upward swing since a new investor came on board, describing the company’s performance as “excellent.”
He also called for the return of in-person AGMs, saying they offer better engagement between shareholders and company leadership.
In her reaction, Mrs. Efunyemi Olatunde Obideyi, Chairman of the Ark of God Shareholders Association, said the company’s performance has exceeded all expectations.
“NAHCO has shocked us all. From a share price of N4 to N85—no one saw that coming. Anyone who knew this would happen would have bought more shares. NAHCO keeps surprising us,” she said.
With expectations high and the company maintaining strong financial and operational performance, stakeholders are looking forward to the upcoming AGM with optimism and renewed confidence in NAHCO’s future prospects.
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