The Nigerian Aviation Handling Company (nahcoaviance) has grown its Profit before Tax (PBT) to N1.34 billion in the year ended December 31, 2019, representing 166 percent increase when compared to the same period in 2018.
The ground handling company also paid N487 million as dividends at 30 kobo per ordinary share of 50 kobo each, as approved by its shareholders.
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Chairman of NAHCO, Dr. Seinde Fadeni, who spoke at the virtual 2019 Annual General Meeting (AGM), disclosed that NAHCO in its PBT 2018, had N503.237 million, but grew to N1.34 billion in 2019.
He attributed the growth to the several measures put in place during the financial year to control costs and income revenue by the company.
According to him, Profit After Tax (PAT) increased significantly from N196.8 million in 2018 to N717.2 million in 2019, representing a 264 percent increase within the period.
Also, Fadeni added that the group closed the year ended December 31, 2019 with total revenue of about N9.99 billion, a marginal increase of 2.3 percent over the 2018 figures of about N9.8 billion.
The Group Managing Director, NAHCO, Mrs. Olatokunbo Fagbemi, said that within the year, the group expended resources into re-fleeting, which produced immediate results as the company was able to provide a more efficient service, reduced degreasing and cost of maintenance.
She added that the company upgraded the warehouses in Lagos, Kano and Abuja airports and also commenced the implementation of the new staff condition of service.
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