Nigerian Aviation handling Company (NAHCO), last week announced impressive unaudited financial statements for the year December 31, 2019 which saw its profit after tax rise by 431 percent last year. Its profit after tax (PAT) increased to N1.04 billion in 2019 from N196.79 million in corresponding period in 2018. The three digits growth in profitability followed the cost saving measures the management put in place in the year that just ended.
NAHCO generated N10.15 billion as revenue in 2019 mainly from passenger and aircraft handling where it earned N5.5 billion which constituted over 50 percent of the revenue and N262.24 million from leasing, bringing revenue from contracts with customers to N5.77 billion. This compares with N5.39 billion and N276.9 million it realised from passenger and aircraft handling totalling N5.67 billion the firm generated from contracts with customers in 2018.
Cargo handling and equipment rental and maintenance generated N3.96 billion and N424.89 million respectively in 2019 as against N3.77 billion and N387.59 million respectively in 2018.
According to the latest aviation data released by the National Bureau of Statistics (NBS) for half year 2019, domestic passengers increased by 7.6 percent year on year, driven by domestic arrivals which grew by 8.77 percent while domestic departures rose by 6.42.
Also, domestic aircraft movements rose by 1.99 percent, majorly accounted for by domestic aircraft arrivals which grew by 4.04 percent year on year while domestic aircraft departures remained flat.
On the international scene, foreign passenger movement increased by 4.54 percent on account of 5.43 percent growth in foreign passenger arrivals and 3.71 percent growth in foreign passenger departures.
Foreign aircraft movement increased by 5.81 percent during the period following 6.45 percent rise in foreign aircraft arrivals and 5.16 percent in foreign aircraft departures.
NAHCO’s stock price closed at N2.79 per share last Friday representing 16.3 percent year to date gain.
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