NAHCO increases dividend by 251% over high profit

The Nigerian Aviation Handling Company (NAHCO) Plc has raised its dividend pay-out by 251 per cent after recording impressive growth across key performance indicators in 2022 with pre-tax profit rising by 315.14% to N3.84 billion.

The board of the aviation handling group also recommended an increase in dividend payouts from N665.93 million paid for the 2021 business year to N2.339bn for the 2022 business year, an increase of 251%.

Shareholders on the register of the company as at close of business on May 12 will receive a dividend per share of N1.20 for the 2022 business year. The dividend will become payable on May 26.

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The audited report and accounts for the year ended December 31, 2022 released at the Nigerian Exchange Group (NGX) showed that group turnover rose by 63.3% from N10.233bn in 2021 to N16.708bn in 2022. Gross profit doubled by 125.81% from N3.344bn to N7.551bn. Operating profit rose by 274.2% from N1.053bn to N3.940bn.

The parent company reported 66.4% growth in turnover from N9.66bn in 2021 to N16.07bn in 2022. Gross profit grew by 140.3% from N2.96bn to N7.12bn. The Group Managing Director, NAHCO Plc, Mr. Indranil Gupta, said the 2022 results showed the gains of recent investments and continuous improvements in the operations of the aviation handling group.