NAHCO announces change in shareholding structure

The Nigerian Aviation Handling Company Plc has announced Godsmart Nigeria Limited as its major shareholder.

The Company Secretary, Bello Abdullahi, announced the change in its shareholding structure in a statement on Tuesday.

The statement, which was made available to the Nigerian Stock Exchange, stated that one of the company’s shareholders, Lufthansa Commercial Holding GmbH, transferred all its shares to Godsmart Nigeria Limited, which was an existing shareholder.

According to the statement, the 97,453,125 ordinary shares of NAHCO held by Lufthansa, which represented six per cent holding, was transferred to Godsmart Nigeria.

It said Godsmart’s shareholding now amounted to 26.95 per cent of the issued and paid-up share capital of NAHCO, making it the firm’s major shareholder.

The company recorded a N7.25bn turnover for the nine-month period that ended on September 30, 2018, an increase of 25 per cent over the same period in 2017.

NAHCO said in a statement that the performance saw it declare a profit before tax of N731.8m, representing a 107 per cent increase over the N336m recorded during the same period last year.

It added that profit after tax stood at N601.3m, about 109.8 per cent higher than the N287.4m recorded over the same period last year.

The company said the performance was an outcome of initiatives and actions undertaken by its management, led by the Managing Director/Chief Executive Officer, Mr Idris Yakubu, who assumed office in November 2017.

As of January 8, 2018, the share price of the company stood at N3.5 per share, while its market capitalisation stood at N5.684bn.

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