Nigeria Aviation Handling Company Plc (NAHCO) has reeled out its achievements since the beginning of the year as it holds Annual General Meeting (AGM).
The company said 2025 promises to be a good year, as it welcomed a new Group Managing Director and Chief Executive Officer, Mr. Olumuyiwa Olumekun on January 1, 2025.
It was a homecoming of sorts for him, having been in the Company as executive Director.
“His arrival ushered in a new phase for the company. The same month saw the signing of new contracts with Afrijet and Air Sierra Leone. Also, in January, NAHCO began the implementation of its ambitious 5-year strategic growth plan, which aims to guide the group towards achieving a targeted revenue of ₦300 billion by 2029,” said spokesman of the company, Tayo Ajakaiye.
The resilience demonstrated by the company over the years caught the attention of the industry’s regulator, the Nigeria Civil Aviation Authority (NCAA), who in February awarded the company the very important Industry Champion Award. This accolade underscores NAHCO’s leading role and high standards within the Nigerian aviation sector.
Shortly after the award, the organisation marked another milestone as the company secured federal government approval to handle radioactive materials in its facilities.
“The approval, jointly conveyed to the foremost ground handling service provider by the Nigerian Civil Aviation Authority and the Nigerian Nuclear Regulatory Authority (NNRA) was industry’s first and only such approval. It underscores the very important high standards which the Company continually sets for other players in the sector. This expansion of its service portfolio opens up new opportunities within specialized logistics and cargo management.
“The successes continued into April 2025, with the company being awarded the NIGAV Airline Cargo Ground Handling Service Award. This further reinforces the group’s expertise and excellence in cargo operations. Additionally, April saw a heartwarming recognition of one of NAHCO’s own, Auwal Dankode. Mr. Dankode, a staff member, who received the NIGAV Unsung Hero award for his display of integrity, having returned a significant sum of $10,000 found during a cabin cleaning operation,” Ajakaiye stated.
Few weeks ago, the company announced the signing of ground handling contracts with a diverse range of airlines, including Royal Air Maroc, Kenya Airways, Enugu Air, Dornier, and Cronos, demonstrating the company’s strong market position and its ability to attract and retain key clients within the aviation industry.
New handling equipment, GSEs, are being procured by the Company to support its efforts at providing excellent experience to its clients.
So, ahead of the 44th Annual General Meeting of NAHCO scheduled for today, shareholders for the Company have been commending its unprecedented performance.
The commendation came on the heels of the declaration of FY 2024 audited results as profit before tax soared by 115.4 per cent to N18.70 billion in 2024 as against N8.68 billion in 2023.
Total revenue rose by 88.5 per cent from N28.40 billion in 2023 to N53.54 billion in 2024. With increased top-line efficiency, gross profit increased by 120.53 per cent to N33.08 billion in 2024 as against N15 billion in 2023.
Operating profit also jumped by 123.93 per cent from N8.86 billion to N19.84 billion, underscoring the fact that the group’s performance was driven mainly by core business operations.
Based on this result, the Dr Seinde Fadeni-led board of directors has recommended distribution of N11.58 billion as cash dividends to shareholders for the 2024 business year, more than double of N4.95 billion distributed for the 2023 business year.
The Q1, 2025 Unaudited results of the Company submitted to the Nigerian Exchange (NGX), has also revealed that the Company is set to outperform the Q1, 2024 results with Q1, 2025 as revenue more than doubled the 2024 figure for the same period.
A statement by the Company pointed out that contracts renewal with clients has been concluded at the rate of 95 percent while new clients have been onboarded.
NAHCO is also taking delivery of new Ground Support Equipment just arriving the Lagos Seaport which will further help service delivery.
These series of developments have earned the commendation of shareholders, regulators and other stakeholders.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, commended the board and management of NAHCO for running the company in a way that delivers increasing values for the shareholders.
“NAHCO has done fantastically well, it has outperformed investors’ expectations. The present board and management are running the business very well,” Igbrude said.
He urged the company to continue its commendable growth trajectory, by continuing to explore other emerging opportunities.
President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar said NAHCO has shown very impressive performance, citing the company’s results for full-year 2024 and first quarter 2025.
According to him, in 2024, the Company had a robust financial performance which was unprecedented. He noted that the dividend of N5.94 per share declared by the board of directors is highly commendable.
“Looking at the 2025 first quarter result that witnessed a tremendous increase, we believe this year will be very impressive for shareholders. We commend the board chairman for his effective leadership, as well as the management and staff of the company for their dedication and commitment to the progress of the company,” Umar said.
Chairman, Proactive Shareholders Association, Mr. Taiwo Oderinde, speaking on the exemplary performance of the company said that the profit has been awesome.
According to Oderinde, Since the new investor came on board, the Company has been on the upward swing. The performance has been excellent. He urged the Board and Management of the Company not to rest on their oars even as he made a case for regular in-person AGM in the near future.
In her comments, the Chairman, Ark of God Shareholders Association, Mrs. Efunyemi Olatunde Obideyi said NAHCO has surprised all shareholders by its performance. Mrs. Obideyi said the jump in the share price from N4 per share to N85.00 was unimaginable. Declaring that any shareholder who knew it would be like this would have bought more shares, she said, NAHCO keep surprising all of us with their performance.
In the December last year, NAHCO Plc announced a new five-year growth plan that will strengthen existing businesses and open up new opportunities, with a target of N300 billion revenue.
The board and management of the company outlined key drivers of a five-year transformational growth plan aimed at further diversifying the group’s businesses within and outside Nigeria.
Chairman of NAHCO, Dr Seinde Fadeni, said the company had the potential to achieve its target of N300 billion revenue by the next five years given ongoing investments and numerous emerging opportunities. He said the group has demonstrated resilience over the years, citing significant growths in turnover and profitability.
Industry observers have commended the handling company for its consistency and the fact that it has been providing service to major airlines that operate to Nigeria for decades. They also attested to the company’s corporate governance and workers welfare.
