The Nigerian Aviation Handling Company Plc (NAHCO) has announced a 315.1 percent increment in its pre-tax profit in 2022. This is against the backdrop of strong sales income and business-wide efficiency. NAHCO, in a statement released by its board, recommended an increase of 251 percent in dividend payouts from N665.93 million paid in the 2021 financial year to ₦‎2.34 billion in the corresponding period of 2022.

The statement reads: “Shareholders on the register of the company as of the close of business on May 12, 2023, will receive a dividend per share of ₦1.20 for the 2022 business year. The dividend will become payable on May 26, 2023.” It also added that 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 percent from N10.23 billion in 2021 to N16.71 billion in 2022.

According to NAHCO’s official statement, gross profit doubled by 125.81 percent from ₦‎3.34 billion to ₦‎7.55 billion. Operating profit rose by 274.2 percent from ₦‎1.05 billion to ₦‎3.94 billion, adding that despite the inflationary trend that affected administrative expenses, profit before tax jumped by 315.14 percent to ₦‎3.84 billion in 2022 from ₦‎924.86 million in 2021, as net profit increased by 246.4 percent from ₦‎771.62 million to ₦‎2.67 billion. Also, earnings per share also rose by 257.89 percent from 38 kobo to ₦‎1.36. The handling company disclosed that the group balance sheet expanded with total assets rising by 13.9 percent from ₦‎16.44bn to ₦‎18.73bn. Also, total equity funds improved by 28.6 percent from ₦‎7.02 billion to ₦‎9.03 billion.

With this excellent financial performance, it is expected that NAHCO’s productivity and turnover should only increase in the successive year, it will also enable the business to plan for new change and growth, and ultimately upscale increased profitability.

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