NAHCO Posts 130% Profit Growth in 2023
Nigerian Aviation Handling Company (NACHO) Plc bolstered earnings performance in 2023 with 130% year-on-year growth in profitability, details from its financial statement submitted to the Nigerian Exchange show.
Profit for the year increased to N6.17 billion from N2.673 billion 12 months earlier as a result of improved activities level in the company. The results showed that earnings per share advanced by 62% in 2023 to N3.17 from N1.36 posted in 2022.
NAHCO’s revenue inched higher by 67.68% to ₦28.014 billion from N16.7 billion in the comparable year in 2022. The strong revenue generated by the company was a result of a surge in Passenger/Aircraft handling.
Details from its financial scorecard revealed that revenue from Passenger and Aircraft handling rose by 73.55% to ₦17.918 billion versus ₦10.324 billion in 2022. Income generated from leasing/disinfection and other services rose by 111.36% to ₦1.640 billion versus ₦0.776 million in 2022.
The report showed that revenue from equipment rental and maintenance rose by 103.90% to ₦1.719 billion from ₦0.843 billion in 2022. With a zero leverage balance sheet, the company’s annual profit for the year increased to ₦6.172 billion, up 130.90% from ₦2.673 billion. Net profit margin was higher at 22.03% compared with 16% registered in the comparable year.
NAHCO provides aircraft and cargo, passenger handling, passenger profiling, crew transportation, energy, and power distribution. The company also engages in leasing of ground handling equipment. With three major shareholders accounting for 46% of the company’s shareholding, NAHCO has more than 55% of its shares floated in the Nigerian stock market.
Goldsmart Nigeria Limited owns 26.95% shares in NAHCO, followed by White Cowry Industries Limited which controls 9.165% of the company. Another influential shareholder of the company, Awhua Resources Limited, owns a 7.129% stake.
The company’s operating costs settled at N13.472 billion in 2023, an increase of more than 47% year on year from N9.157 billion posted in 2022.
