NAHCO repositions for growth as shareholders get N406m dividend

The Nigerian Aviation Handling Company (NAHCO) Plc has assured its shareholders that the ongoing implementation of a strategic five-year growth plan will lead to a more agile and profitable company.

At the annual general meeting held last weekend in Kano, directors of NAHCO outlined strategic growth objectives, key implementation drives, challenges and transformational initiatives being taken to sustain the company as the leading ground handling company with sustainable returns to shareholders.

At the first general meeting by the new board and management of the company, directors of the company outlined that it has launched a new fiveyear strategy and transformation plan that covers between 2019 and 2023,

which is expected to drive growth, service improvement, improved profitability and also ensure that NAHCO maintains its leadership position, despite increasing competition in the ground handling business.

The assurance came as shareholders approved the distribution of N406 million as cash dividend for the 2018 business year, representing a dividend per share of 25 kobo.

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Seinde Fadeni, Chairman, Nigerian Aviation Handling Company (NAHCO) Plc said the new board and management have reset the company’s group structure and operations and have started implementing key initiatives to address cost structure, realign products and interface with customers and other stakeholders with a view to ensuring optimal performance in the years ahead.

He said the company has started modernization of its warehouses in order to position itself for global changes in cargo handling and management noting that NAHCO is currently investing in warehouse refurbishment, facility and equipment upgrade to ensure leadership in all areas of air cargo within the West and Central African region.

He pointed out that while increased costs of operations and administrative expenses impacted the company’s performance in 2018, the new management has been addressing these cost centres to ensure improved efficiency and competitive returns.

“It is my belief that our company will grow more rapidly in the coming years in light of the measures and innovations being implemented,” said Fadeni who assumed office in December 2018.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.