The company’s performance released to the Nigerian Stock Exchange (NSE) showed that the organization was already reaping from the gains of its transformation programme which commenced at the inception of the present management.
According to the performance, Nahco posted a Profit Before Tax of 973.1 million for the Q3 ended September 30, 2019.
This figure is 241.3million higher than the amount for the same period last year for Nigeria’s foremost ground handling company representing a 32.96 percent increase over the same period last year.
Profit After Tax which stood at N782 million for the nine-month period compared favourably with the N601.31 million recorded for the same period in 2018. This translates to a positive 30 percent increase.
Earnings per share stood at 48kobo as at the end of the third quarter of 2019 compared to 37kobo as earnings per share as at the end of the third quarter of 2018.
The Board appointed a new management for the Company which early this year embarked on a five – year transformation plan. The Company is continuing the massive upgrade of its equipment, warehouses and other facilities at the airports.
Commenting on the results, the Group Managing Director/CEO, Mrs. Olatokunbo Fagbemi said she was delighted that the Company was making progress on all fronts.
“NAHCO is in a good place. Apart from being the industry leader in ground handling in West Africa, we are also providing leadership in supporting our partners, the Cargo agents, in the important skills of packaging for export,” she said.
In the period that the new management took over, the Company had increased the capacity of its export warehouse and is currently renovating its import warehouse.
NAHCO is also taking advantage of opportunities emanating from Federal Government’s closure of the land borders as it is partnering stakeholders on proper packaging for their products for exports.
NAHCO recorded an impressive revenue in excess of 9.8 Billion for the 2018 financial year.