NAHCO records N12.8bn profit

The Nigerian Aviation Handling Company Plc posted a 65 per cent surge in profit after tax to N12.87bn for the full year ended December 31, 2024, up from N5.54bn recorded in 2023.

The company’s audited financial results showed growth across key financial indicators, with revenue climbing by 87 per cent to N53.2bn in 2024 from N28.4bn in the previous year. This increase was driven by higher demand for ground handling services and improved operational efficiencies.

Despite the revenue boost, NAHCO faced rising costs, with operating expenses jumping to N21bn in 2024 from N13.4bn in 2023, reflecting increased operational activities. Administrative expenses also grew to N11.3bn from N6.1bn in the previous year.

However, the company maintained profitability, with gross profit doubling to N32.2bn from N15bn in 2023.

The company’s profit before tax soared by 111 per cent to N18.3bn in 2024 from N8.68bn in the previous year, supported by improved cost management and higher revenue.

In the period under review, finance income increased to N146m from N20m, while finance costs rose to N1.18bn from N202m in 2023.

Tax expenses for the year stood at N5.43bn, up from N3.14bn in the previous year, reflecting the company’s higher earnings.

Meanwhile, earnings per share jumped to 660 kobo from 284 kobo in 2023, highlighting increased returns to shareholders.

The PUNCH reported that the Nigerian Aviation Handling Company Plc has set a target of N300bn in total group revenue in the next five years.

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