Nigerian Aviation Handling Company (NAHCO) Plc has delivered 1,527 per cent capital gain to investors over the past 12 years, placing the leading aviation handling group as one of the best performing stocks at the Nigerian stock market.
Technical analysis of share price movements at the Nigerian Exchange (NGX) showed that NAHCO’s share price has risen by 1,527 per cent between August 2013 and August 2015. This represents average annual return of 127.2 per cent.
The analysis indicated that NAHCO’s share price, which stood at N6.30 per share on August 20, 2013, closed trading yesterday at N102.50 per share.
This implies that an investor who staked N5 million on NAHCO 12 years ago now has about N81.35 million due to capital gains, excluding cash dividends and bonus shares received during the year. NAHCO has more than 72,000 shareholders.
Market analysts said stocks like NAHCO underscored wealth-creating and distributing capacity of the stock market, building up significant gain for investors over a period of time.
They pointed out that the success of NAHCO pointed to the indirect wealth distribution of the government’s privatisation programme. Analysts said NAHCO, which was privatized in 2005, has proven to be a reliable company for the investing public.
Analysts attributed NAHCO’s capital gain to the continuing growth in the operations and improvements in the management of the company.
Nigerian Aviation Handling Company (NAHCO) Plc has delivered 1,527 per cent capital gain to investors over the past 12 years, placing the leading aviation handling group as one of the best performing stocks at the Nigerian stock market.
Technical analysis of share price movements at the Nigerian Exchange (NGX) showed that NAHCO’s share price has risen by 1,527 per cent between August 2013 and August 2015. This represents average annual return of 127.2 per cent.
The analysis indicated that NAHCO’s share price, which stood at N6.30 per share on August 20, 2013, closed trading yesterday at N102.50 per share.
This implies that an investor who staked N5 million on NAHCO 12 years ago now has about N81.35 million due to capital gains, excluding cash dividends and bonus shares received during the year. NAHCO has more than 72,000 shareholders.
Market analysts said stocks like NAHCO underscored wealth-creating and distributing capacity of the stock market, building up significant gain for investors over a period of time.
They pointed out that the success of NAHCO pointed to the indirect wealth distribution of the government’s privatisation programme. Analysts said NAHCO, which was privatized in 2005, has proven to be a reliable company for the investing public.
Analysts attributed NAHCO’s capital gain to the continuing growth in the operations and improvements in the management of the company.
Interim report and accounts of NAHCO for the half-year ended June 30, 2025 released at the NGX showed that the leading aviation handling group doubled group revenue by 102.06 per cent to N32.33 billion in first half 2025 as against N16.0 billion recorded in comparable period of 2024. Gross profit grew by 117.73 per cent from N8.80 billion to N19.16 billion. Operating profit jumped by 126.9 per cent to N11.64 billion in first half 2025 as against N5.13 billion in first half 2024.
With improving midline cost management, pre-tax profit leapt by 148.21 per cent from N4.75 billion in first half 2024 to N11.79 billion in first half 2025. Net profit after tax rose by 166.7 per cent from N3.33 billion to N8.88 billion. With these, earnings per share (EPS) leapt from N1.71 in first half 2024 to N4.55 in first half 2025, providing significant headroom for possible increase in dividend payouts.
Underlying ratio analysis underlined the growth in the group’s core business operations and increasingly efficient cost management. Gross profit margin improved from 55 per cent in first half 2024 to 59.26 per cent in first half 2025. Operating profit margin increased from 32.06 per cent to 36.0 per cent. Pre-tax profit margin also improved from 29.7 per cent to 36.5 per cent. Return on total assets tripled from 7.09 per cent to 20.14 per cent. Return on equity also jumped to 51.09 per cent as against 16.59 per cent.
The first half 2025 strengthened the outlook for NAHCO, which had increased dividend payout by 134 per cent for the 2024 business year. NAHCO had distributed N11.58 billion as cash dividends for the 2024 business year, representing a dividend per share of N5.94, compared with N4.95 billion paid for the 2023 business year.
Interim report and accounts of NAHCO for the half-year ended June 30, 2025 released at the NGX showed that the leading aviation handling group doubled group revenue by 102.06 per cent to N32.33 billion in first half 2025 as against N16.0 billion recorded in comparable period of 2024. Gross profit grew by 117.73 per cent from N8.80 billion to N19.16 billion. Operating profit jumped by 126.9 per cent to N11.64 billion in first half 2025 as against N5.13 billion in first half 2024.
With improving midline cost management, pre-tax profit leapt by 148.21 per cent from N4.75 billion in first half 2024 to N11.79 billion in first half 2025. Net profit after tax rose by 166.7 per cent from N3.33 billion to N8.88 billion. With these, earnings per share (EPS) leapt from N1.71 in first half 2024 to N4.55 in first half 2025, providing significant headroom for possible increase in dividend payouts.
Underlying ratio analysis underlined the growth in the group’s core business operations and increasingly efficient cost management. Gross profit margin improved from 55 per cent in first half 2024 to 59.26 per cent in first half 2025. Operating profit margin increased from 32.06 per cent to 36.0 per cent. Pre-tax profit margin also improved from 29.7 per cent to 36.5 per cent. Return on total assets tripled from 7.09 per cent to 20.14 per cent. Return on equity also jumped to 51.09 per cent as against 16.59 per cent.
The first half 2025 strengthened the outlook for NAHCO, which had increased dividend payout by 134 per cent for the 2024 business year. NAHCO had distributed N11.58 billion as cash dividends for the 2024 business year, representing a dividend per share of N5.94, compared with N4.95 billion paid for the 2023 business year.
Group Managing Director, Nigerian Aviation Handling Company (Nahco aviance) Plc, Mr. Olumuyiwa Olumekun, said the approval was based on thorough assessment of the group’s facilities, including equipment and human resources, as well as the group’s compliance with global protocols and processes.
According to him, the company has put in place clear, diligent and thorough processes that would ensure 100 per cent compliance to procedures by highly – trained company professionals as they carry out the specialised functions.
Group Executive Director, Commercial and Business Development, Nigerian Aviation Handling Company (NAHCO) Plc, Prince Saheed Lasisi highlighted that the latest approval was a good development for importers and exporters who have been having challenges exporting and importing shipments with radioactive contents.
“NAHCO is solving all these issues for our clients, especially the big international airlines and international oil companies (IOCs) who require the approval granted NAHCO to move critical shipments which have radioactive contents in and out of the country,” Lasisi said.
Earlier, NAHCO had been selected by regional operators, Afrijet and Air Sierra Leone, to handle their ground operations in Nigeria. The contracts between the parties has seen NAHCO providing services for Afrijet’ flights into Port Harcourt and Lagos and Air Sierra Leone’s flights to Lagos. The contract with Afrijet was for a three-year period ending 2027 while Air Sierra Leone’s contract was for five years ending 2029.
Group Managing Director, Nigerian Aviation Handling Company (Nahco aviance) Plc, Mr. Olumuyiwa Olumekun, said the approval was based on thorough assessment of the group’s facilities, including equipment and human resources, as well as the group’s compliance with global protocols and processes.
According to him, the company has put in place clear, diligent and thorough processes that would ensure 100 per cent compliance to procedures by highly – trained company professionals as they carry out the specialised functions.
Group Executive Director, Commercial and Business Development, Nigerian Aviation Handling Company (NAHCO) Plc, Prince Saheed Lasisi highlighted that the latest approval was a good development for importers and exporters who have been having challenges exporting and importing shipments with radioactive contents.
“NAHCO is solving all these issues for our clients, especially the big international airlines and international oil companies (IOCs) who require the approval granted NAHCO to move critical shipments which have radioactive contents in and out of the country,” Lasisi said.
Earlier, NAHCO had been selected by regional operators, Afrijet and Air Sierra Leone, to handle their ground operations in Nigeria. The contracts between the parties has seen NAHCO providing services for Afrijet’ flights into Port Harcourt and Lagos and Air Sierra Leone’s flights to Lagos. The contract with Afrijet was for a three-year period ending 2027 while Air Sierra Leone’s contract was for five years ending 2029.
“It is a measure of the trust that the airlines have in us that they have extended our contracts with them. We are honoured with the trust reposed in us by our clients,” Lasisi said.
Analysts said the performance outlook places NAHCO in a strong position to achieve its five-year growth target of N300 revenue. Globally recognised as one of Africa’s leading ground handling service providers and with presence in all major Nigerian Airports, NAHCO plans to leverage its core business operations into strong positions across critical segments of the logistics value chain.
With the 2024’s total revenue of N53.54 billion already 39 per cent above the year’s projected revenue of N38.49 billion, the company had started its new five-year growth plan with great speed. Under the five-year strategic business plan, turnover was projected to rise successively to N71.12 billion in 2025, N101.93 billion in 2026, N146.07 billion in 2027, N209.34 billion in 2028 and N300 billion by 2029.
A breakdown of the N300 billion revenue target indicated that the group expected to generate N120 billion from the main ground handling business over the five-year period, N40 billion from cargo handling, N36 billion from NAHCO Logistics Services while NAHCO Free Zone, NAHCO Commodities, NAHCO Travel & Hospitality and NAHCO Aviation Academy would contribute N15 billion, N80 billion, N7 billion and N2 billion respectively.
Chairman, Nigerian Aviation Handling Company (NAHCO) Plc, Dr Seinde Fadeni, said the group has the capacity to attain the N300 billion revenue target.
Addressing shareholders at their annual general meeting in May, 2025, Fadeni said the group plans to further diversify its businesses as part of strategies to drive the group’s revenue above N300 billion within the next five years.
