According to its audited financials for the full year 2024, profit before tax surged by 115.4 percent to N18.70 billion, up from N8.68 billion in 2023.
With impressive financial results, NAHCO profit jumps 115 percent, reinforcing its position as a strong investment and operational benchmark in the aviation sector. Ahead of its 44th Annual General Meeting (AGM) scheduled for Friday, May 23, 2025, the Nigerian Aviation Handling Company (NAHCO) has reported robust growth.
According to its audited financials for the full year 2024, profit before tax surged by 115.4 percent to N18.70 billion, up from N8.68 billion in 2023. The company’s total revenue grew by 88.5 percent, climbing from N28.40 billion in 2023 to N53.54 billion in 2024, signalling sustained business expansion.
Gross profit reflected similar growth, increasing by 120.53 percent to N33.08 billion, compared to N15 billion reported for the previous business year. Operating profit rose sharply by 123.93 percent, reaching N19.84 billion from N8.86 billion, showing that growth came from core business efficiency.
This year’s proposed dividend of N11.58 billion is more than double the N4.95 billion distributed in 2023. That represents N5.94 per share in 2024. In the same vein, NAHCO’s Q1 2025 unaudited financial results submitted to the Nigerian Exchange (NGX) show strong early-year performance. The 2025 Q1 revenue more than doubled compared to Q1 2024, placing the company on track for another record-breaking year.
In addition to financial gains, NAHCO completed the renewal of 95 percent of its existing contracts and also onboarded several new clients. More ground support equipment is expected to arrive through the Lagos Seaport, which will support service quality at airports across the country. These achievements clearly show that NAHCO profit jumps 115 percent due to strategic operational decisions and sustained investment in infrastructure.
Following the public release of these results, various shareholder groups and stakeholders have expressed their satisfaction and support.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, applauded the company’s current trajectory. “NAHCO has done fantastically well, it has outperformed investors’ expectations. The present board and management are running the business very well,” he stated.
He further encouraged NAHCO to maintain its strong performance by exploring other profitable and emerging opportunities in the sector.
President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, described the 2024 performance as outstanding.
He remarked, “Looking at the 2025 first quarter result that witnessed a tremendous increase, we believe this year will be very impressive for shareholders.”
Dr. Umar added, “We commend the board chairman for his effective leadership, as well as the management and staff for their commitment.”
Chairman, Proactive Shareholders Association, Mr. Taiwo Oderinde, noted that the company’s upward trajectory began with the arrival of its new investor.
“Since the new investor came on board, the Company has been on the upward swing. The performance has been excellent,” Oderinde noted.
He called on the board to maintain momentum and suggested a return to more regular in-person AGMs for improved shareholder engagement.
Chairman, Ark of God Shareholders Association, Mrs. Efunyemi Olatunde Obideyi, said NAHCO had consistently surprised shareholders with its stellar performance. Mrs. Obideyi said, “The jump in the share price from N4 per share to N85.00 was unimaginable… NAHCO keeps surprising all of us.”
As the AGM approaches, NAHCO stands in a strong financial and strategic position, offering stakeholders confidence in its long-term direction.
