NAHCO grows profit to N3.8bn

April 27, 2023

2.1 min readCategories: Business

Nigerian Aviation Handling Company Plc said its pre-tax profit rose by 315.1 per cent in 2022, riding on the back of strong sales income and business-wide efficiency.

A statement said the board of the aviation handling group recommended an increase of 251 per cent in dividend payouts from N665.93m paid in the 2021 financial year to N2.34bnin the corresponding period of 2022.

It stated that, “Shareholders on the register of the company as of the close of business on May 12, 2023, will receive a dividend per share of N1.20 for the 2022 business year. The dividend will become payable on May 26, 2023.”

The audited report and accounts for the year ended December 31, 2022, released at the Nigerian Exchange showed that group turnover rose by 63.3 per cent from N10.23bn in 2021 to N16.71bn in 2022.

Gross profit doubled by 125.81 per cent from N3.34bn to N7.55bn. Operating profit rose by 274.2 per cent from N1.05bn to N3.94bn.

Despite the inflationary trend that affected administrative expenses, profit before tax jumped by 315.14 per cent to N3.84bn in 2022 from N924.86m in 2021.

Net profit increased by 246.4 per cent from N771.62m to N2.67bn.

Earnings per share also rose by 257.89 per cent from 38 kobo to N1.36. The group balance sheet expanded with total assets rising by 13.9 per cent from N16.44bn to N18.73bn. Total equity funds improved by 28.6 per cent from N7.02bn to N9.03bn.

It stated that the group performance was underlined by significant improvements across the businesses, driven mainly by the group’s flagship handling business.

On a standalone basis, the parent company reported a 66.4 per cent growth in turnover from N9.66bn in 2021 to N16.07bn in 2022.

Gross profit grew by 140.3 per cent from N2.96bn to N7.12bn, while operating profit rose by 330.5 per cent from N860.61m to N3.71bn.

According to the statement, profit before tax jumped by 387.08 per cent from N742.8m to N3.62bn, and profit after tax followed the trend with an increase of 339.3 per cent from N579.73m in 2021 to N2.548bn in 2022.

Earnings per share jumped from 30 kobo in 2021 to N1.31 in 2022.

The parent company’s balance sheet also emerged stronger as total assets grew by 10.7 per cent from N16.28bn to N18.03bn. Total equity rose by 27 per cent from N6.98bn in 2021 to N8.86bn in 2022.

The Punch reports that the Group Managing Director, NAHCO Plc, Mr Indranil Gupta, said the 2022 results showed the gains of recent investments and continuous improvements in the operations of the aviation handling group.

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About the Author: Olumide Akinrinlola

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