NAHCO posts N10bn turnover as shareholders get N665m dividend 

The Nigerian Aviation Handling Company Plc (NAHCO Plc) has recorded a turnover of N10.2 billion, representing a 44% improvement over the 2020 financial year performance.

This emerged at its 41st Annual General Meeting (AGM) in Lagos at the weekend.

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At the AGM, which was held both physically as well as virtually, the Board of the company informed Shareholders that the group despite the effect of the COVID-19 pandemic on its operations has made appreciable progress in its operations.

The board however approved a gross dividend of 41 kobo per ordinary share of 50 kobo each, amounting to N665 million to the shareholders.

This was an increase of 341% over the N12.5 kobo per ordinary share paid to shareholders at the end of the 2020 financial year.

The company also gave out one bonus share for every five shares held by the existing shareholders and assured the shareholders that the 2022 dividend may be way higher based on Year-to-date performance in 2022.

The 2021 annual report and accounts of the group indicated that the N10.2 billion revenue was an improvement from the N7.1 billion it earned in 2020.

The NAHCO Group earned N924,855 million Profit Before Tax (PBT) in 2021, showing 156% increase from the previous year, which was N361,279 million.

Profit after tax (PAT) also increased to N771,615 million, indicating 155% growth, compared to N302,131 million of 2020 financial year.

NAHCO Plc total equity under the year in review was N7 billion, showing an increase of 9% when compared to that of 2020.

Chairman of the Group, Dr. Seinde Fadeni, assured that the company would continue to be the leading ground handling company in Africa in terms of market share, client base, revenue, and profitability.

Fadeni explained that the Nigerian economy was fragile in 2021, after exiting recession in the last quarter of 2020, adding, “Our focus in 2021 was a responsible and inclusive growth, which allowed us to be a source of stability for our customers during the challenging times.”