Nigerian Aviation Handling Company Plc (NAHCO) and Skyway Aviation Handling Company Plc (SKYAVN) are both listed on the NGX in the services sector and transport-related subsector.
As of September 9, 2025, NAHCO’s share price has gained 128% year-to-date, while SKYAVN gained 169% YtD, both far outpacing the NGX All-Share Index’s 35.82% YtD gain.
But in 2024, NAHCO led with an impressive 88% YtD return, while SKYAVN delivered a 32% return over the same period.
In pure percentage-return terms, SKYAVN has outperformed NAHCO in 2025 so far. A N1 million investment in SKYAVN would now be worth N2.69 million, versus N2.28 million for the same investment in NAHCO.
That said, outperforming does not necessarily mean better value.
A closer look at the fundamentals, such as earnings growth, balance sheet strength, dividends, valuation multiples, debt profile, and overall risks, is required to determine which stock is the stronger investment going forward.
Both companies are doing well, but in different ways:
This suggests Skyway is more efficient in converting revenue into profit.
When placed side by side, Skyway comes across as the bigger player.
Looking deeper into leverage, the two companies differ sharply:
Skyway appears to be balancing growth with moderate leverage, giving it more flexibility to fund expansion without overstretching its balance sheet.
NAHCO’s higher gearing suggests it is operating with less headroom, which could weigh on profit if interest costs rise.
NAHCO looks like the heavyweight.
Skyway, on the other hand, trades at a lesser premium.
On revenue multiples, NAHCO looks cheaper. It trades at a price-to-sales (P/S) ratio of 2.93, meaning investors pay N2.93 for every N1 of revenue generated.
Skyway, by contrast, trades at a P/S ratio of 3.21, so investors are paying N3.21 for every N1 of revenue.
Skyway, by contrast, trades at a P/S ratio of 3.21, so investors are paying N3.21 for every N1 of revenue.
Earnings tell a similar story:
At current profit levels, it would take about 11 years for investors in NAHCO to recoup their investment, compared to almost 13 years for Skyway.
However, investors do not just pay for today’s earnings; they are betting on future growth, which could shorten the payback period.
Importantly, in absolute terms, NAHCO’s profit is slightly higher than Skyway’s.
In essence, it is a choice between stability (NAHCO) and momentum (Skyway); both are Buys, but which one you choose depends on your risk appetite.