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The Nigerian Aviation Handling Company Plc (NAHCO) has recorded its strongest financial performance yet, more than doubling its pre-tax profit to ₦18.70 billion in 2024 and growing revenue by 88.5% to ₦53.54 billion, according to its newly released audited results filed with the Nigerian Exchange Limited (NGX).
This surge in earnings has prompted the board, chaired by Dr. Seinde Fadeni, to recommend a 134% increase in dividend payout, distributing ₦11.58 billion in cash dividends—up from ₦4.95 billion in the previous year. This amounts to a dividend of ₦5.94 per share, significantly higher than the ₦2.54 per share paid in 2023.
Record Profit and Strong EPS Growth
NAHCO’s net profit rose by 132%, jumping from ₦5.54 billion in 2023 to ₦12.86 billion in 2024. Earnings per share (EPS) also increased by 132%, from ₦2.84 to ₦6.60, highlighting the company’s strong profitability growth.
“With the 2024 total revenue of ₦53.54bn already 39 per cent above the year’s projected ₦38.49bn, the company has started its new five-year growth plan with great speed,” the company stated.
₦300bn Five-Year Growth Target
At an investor session in December 2024, the board unveiled an ambitious five-year strategic plan aimed at growing total group revenue to ₦300 billion by 2029.
The revenue projections are as follows:
- 2024: ₦38.49bn (actual: ₦53.54bn)
- 2025: ₦71.12bn
- 2026: ₦101.93bn
- 2027: ₦146.07bn
- 2028: ₦209.34bn
- 2029: ₦300bn
A breakdown of the ₦300bn target includes:
- ₦120bn from core ground handling
- ₦40bn from cargo handling
- ₦36bn from NAHCO Logistics Services
- ₦80bn from NAHCO Commodities
- ₦15bn from NAHCO Free Zone
- ₦7bn from NAHCO Travel & Hospitality
- ₦2bn from the NAHCO Aviation Academy
Strategy and Expansion
Chairman Fadeni expressed confidence in the group’s capacity to meet its targets, citing ongoing investments in manpower and infrastructure.
“To continue paying high dividends, we must increase profitability, and to do that, we’re investing massively in both people and equipment,” he said.
“Recent dividend and capital gains are not just historic for NAHCO—they are among the highest in the entire Nigerian capital market.”
Dr. Sola Obabori, Group Executive Director of International Business and Corporate Services, explained that the company’s growth will be driven by a four-pillar strategy:
- Accelerate business growth
- Differentiate with operational excellence
- Lead with digital
- Deliver a transformed people and culture
“We are embarking on a five-year transformation journey to build a new NAHCO,” Obabori noted. “We aim to sustain sales and profit growth while expanding our offerings both locally and internationally.”
Group Structure and Subsidiaries
NAHCO operates a diversified portfolio including aviation ground handling, airport services, export logistics, training, and energy. Its subsidiaries include:
- Mainland Cargo Options Ltd
- NAHCO Free Trade Zone Ltd
- NAHCO Power Solutions Ltd
- NAHCO Travels & Hospitality Ltd
- NAHCO Commodities Ltd
- NAHCO Aviation Academy
- NAHCO Management Services
Outlook
With momentum from its 2024 performance, NAHCO is entering its five-year growth journey on a strong footing. Its success will hinge on strategic investments, service diversification, and leveraging its footprint across the aviation and logistics sectors.
