Shareholders of the Nigerian Aviation Handling Company has declared a dividend payout of N11.6bn for the 2024 financial year, leaving shareholders in ecstasy.
The announcement comes ahead of NAHCO’s 44th Annual General Meeting, scheduled for May 23.
According to its audited results for the year ended December 31, 2024, NAHCO recorded a 115.4 per cent surge in profit before tax, rising from N8.68bn in 2023 to N18.7bn in 2024. Revenue jumped by 88.5 per cent to N53.54bn from N28.4bn, while gross profit rose by 120.53 per cent to N33.08bn. Operating profit also advanced by 123.93 per cent to N19.84bn, highlighting the strength of its core operations.
In recognition of the performance, the board led by Seinde Fadeni proposed a dividend of N5.94 per share, totalling N11.58bn, more than double the N4.95bn paid out for 2023.
NAHCO’s first quarter 2025 unaudited results submitted to the Nigerian Exchange also revealed that revenue has more than doubled compared to the same period in 2024. The company disclosed that it renewed 95 per cent of contracts with existing clients and onboarded new clients during the quarter.
To support improved service delivery, the firm is also receiving new Ground Support Equipment arriving through the Lagos Seaport.
Commenting on the company’s growth, National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, said, “NAHCO has outperformed investors’ expectations. The present board and management are running the business very well.”
President of the Association for the Advancement of Rights of Nigerian Shareholders, Faruk Umar, described the results as “very impressive”, commending the board for declaring a strong dividend.
Chairman of the Proactive Shareholders Association, Taiwo Oderinde, praised the turnaround since the entry of a new investor, describing the profit growth as “awesome”.
Also speaking, Chairman of the Ark of God Shareholders Association, Efunyemi Olatunde Obideyi, said the jump in share price from N4 to N85 was “unimaginable”, adding, “NAHCO keeps surprising all of us with their performance.”