NAHCO’s Nine-Month Revenue Rises 16.5% To N55.64Billion

The Nigerian Aviation Handling Company Plc (NAHCO) has reported a 16.51 per cent increase in revenue to N55.64 billion for the nine months ended September 30, 2026.

The figure represents an increase from the N47.76 billion recorded in the corresponding period of 2025, according to the company’s interim report and accounts released on the Nigerian Exchange.

The aviation handling company also recorded an 18.39 per cent rise in profit before tax, which increased from N17.94 billion to N21.24 billion.

Operating profit grew by 19.5 per cent from N18.14 billion to N21.66 billion, while gross profit rose by 8.5 per cent from N25.97 billion to N28.17 billion.

The company’s finance costs fell by 19.7 per cent to N1.26 billion, helping to offset a 39.1 per cent decline in finance income to N834 million from N1.37 billion.

After tax deductions, NAHCO’s net profit increased by 19.2 per cent to N16.04 billion from N13.46 billion recorded in the corresponding period of 2025.

Earnings per share also rose by 19.2 per cent from N6.04 to N7.20.

The latest results have strengthened the company’s prospects of rewarding shareholders with higher dividends. Its dividend cover improved to 1.15 times in the nine months ended September 2026, compared with 0.97 times in the corresponding period of 2025.

This gives the company more room to consider higher payouts, although any future dividend will depend on the board’s approval.
At its Annual General Meeting in May 2026, shareholders approved a total cash dividend of N12.18 billion, representing N6.25 per share, alongside a one-for-seven bonus issue.

The bonus issue increased the company’s outstanding ordinary shares from 1.949 billion to 2.228 billion units.

NAHCO’s balance sheet also improved during the period, with total assets rising from N55.12 billion in December 2025 to N58.85 billion in September 2026.

Shareholders’ funds increased from N26 billion to N29.86 billion, while paid-up share capital rose from N974.53 million to N1.114 billion.

However, the company’s gross profit margin declined from 54.38 per cent to 50.63 per cent amid inflationary pressures.

Despite the decline, its operating profit margin improved from 37.98 per cent to 38.9 per cent, while profit before tax margin increased from 37.56 per cent to 38.17 per cent.

Return on equity also rose from 51.77 per cent to 53.72 per cent, while return on total assets increased from 24.42 per cent to 27.26 per cent.
Commenting on the results, NAHCO Chairman, Dr Seinde Fadeni, said the performance reflected the company’s strong position in the aviation handling industry and the resilience of its business strategy.

He said the company had continued to invest in its workforce, technical capacity and infrastructure to maintain its position in the sector.

“We are confident about the outlook for the aviation industry and our business. We remain focused on our strategic plan on sustainability and diversification. We will continue to explore opportunities to grow the business and deliver competitive returns to our stakeholders,” Fadeni said.

The Group Managing Director of NAHCO, Mr Olumuyiwa Olumekun, attributed the revenue growth to improved performance across the company’s core operations, cargo handling and support services.

He also credited disciplined cost management for supporting the company’s performance.

A breakdown of the results showed that cargo handling revenue increased by about 31 per cent, driven by rising trade and e-commerce activities.

Revenue from free zone, trans-shipment, logistics, ticketing and lounge services rose by 47.17 per cent to N2.91 billion, while equipment rental and maintenance generated N4.45 billion.

“Our performance highlights the quality of service and facilities that NAHCO has come to be known for. We remain committed to sustaining this growth trajectory and in ensuring that our shareholders continue to enjoy the benefit of their investments,” Olumekun said.

Additional financial details from the results showed that aircraft handling remained NAHCO’s largest revenue source, generating N34.22 billion, while import cargo handling contributed N8.63 billion. Agricultural produce revenue also recorded significant growth, rising by 176.56 per cent to N3.93 billion.