Shareholders of the Nigerian Aviation Handling Company (NAHCO) Plc have lauded the company’s impressive 2024 performance following the declaration of a record N11.6 billion dividend, ahead of its 44th Annual General Meeting scheduled for May 23, 2025.
The dividend, translating to N5.94 per share, more than doubles the N4.95 billion paid out in 2023, marking a historic reward for investors and sparking widespread excitement among shareholders and market analysts alike.
According to NAHCO’s audited financial statements for the year ended December 31, 2024, the company achieved a 115.4% increase in profit before tax, rising from N8.68 billion in 2023 to N18.7 billion in 2024. Total revenue grew by 88.5% from N28.4 billion to N53.54 billion, while gross profit surged by 120.5% to N33.08 billion. Operating profit also climbed by 123.9%, reaching N19.84 billion, reflecting strong performance across the company’s core operations.
NAHCO’s strong momentum continued into Q1 2025, with unaudited results submitted to the Nigerian Exchange showing that revenue for the first quarter more than doubled compared to Q1 2024. The company also renewed 95% of existing client contracts and successfully onboarded new clients, signaling continued market confidence.
To further enhance service delivery, NAHCO is acquiring new Ground Support Equipment through the Lagos Seaport, bolstering its operational capacity and commitment to quality service.
The company’s performance has drawn widespread commendation from shareholders and industry observers.
Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), praised the company’s board and management, saying, “NAHCO has done fantastically well and outperformed investors’ expectations. The present leadership is running the business exceptionally.”
Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders, described the results as very impressive, adding that the dividend declaration shows a commitment to shareholder value.
Chairman of the Proactive Shareholders Association, Taiwo Oderinde, also praised the company’s transformation, stating, “Since the entry of the new investor, NAHCO has been on an upward swing. The profit growth has been awesome.”
Similarly, Chairman of the Ark of God Shareholders Association, Efunyemi Olatunde Obideyi, noted the remarkable growth in share price from N4 to N85, calling it unimaginable.
With its consistent growth trajectory, strengthened leadership, and renewed investor confidence, NAHCO is positioning itself as one of Nigeria’s most profitable and resilient publicly listed companies in the aviation sector.
