The Nigerian Aviation Handling Company (NAHCO) Plc has unveiled a bold five-year growth agenda aimed at propelling its turnover beyond ₦300 billion, as the company seeks to solidify its market dominance and expand into new sectors.
This ambitious projection was announced during NAHCO’s recent Annual General Meeting, where the board highlighted the company’s steady rise as Nigeria’s leading aviation ground handling service provider. The leadership emphasized that the implementation of a robust strategic blueprint would be key to unlocking significant growth opportunities in the years ahead.
As part of its 2024 financial performance, shareholders approved a cash dividend payout of ₦11.58 billion—translating to ₦5.94 per share. This represents a 134% increase from the ₦4.95 billion dividend declared in the previous year, marking one of the most generous returns in the company’s history.
Chairman of NAHCO, Dr. Seinde Oladapo Fadeni, assured stakeholders that both the board and management remain focused on executing a transformation plan aimed at operational efficiency, workforce development, infrastructure renewal, and technological advancement.
“We are in the middle of a significant evolution—redefining how we operate, invest in our people, and enhance our technical capabilities,” said Fadeni. “The results from 2024 offer a glimpse into the potential we are unlocking for our shareholders and the Nigerian economy.”
NAHCO’s 2024 audited financials reveal substantial progress:
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Profit before tax surged by 115.4% to ₦18.70 billion (up from ₦8.68 billion in 2023)
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Revenue climbed by 88.5% to ₦53.54 billion (from ₦28.40 billion)
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Gross profit rose by 120.53% to ₦33.08 billion
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Operating profit increased by 123.93% to ₦19.84 billion
These improvements, largely driven by core operational activities, underscore the effectiveness of NAHCO’s current strategy.
Fadeni emphasized the company’s commitment to adopting modern solutions, stating, “We’re currently rolling out Oracle ERP and HCM systems to streamline our digital operations and enhance efficiency across departments.”
In addition to technology, NAHCO is upgrading its operational fleet, with plans to replace all aging equipment by the end of 2025. The company also reaffirmed its dedication to staff welfare by implementing a 50% salary increase, maintaining its annual profit-sharing policy, and providing bi-annual performance-based bonuses.
Group Managing Director Mr. Olumuyiwa Olumekun highlighted key milestones over the past year, including the successful recertification of NAHCO’s operations in Lagos, Abuja, and Kano, and the inauguration of a cutting-edge Export Packaging and Processing Centre in Lagos.
“These initiatives not only bolster our competitiveness on the global stage but also contribute meaningfully to Nigeria’s economic growth,” Olumekun noted.
NAHCO’s shareholders praised the strong financial performance and significant dividend payout, calling the company one of the most rewarding investments in their portfolios.
With solid financials, an energized workforce, and a clear roadmap for the future, NAHCO appears well-positioned to meet its ₦300 billion turnover target and sustain its growth trajectory for years to come.
