Nigerian Aviation Handling Company Plc (NAHCO), an aviation services provider based in Nigeria, has recorded 85 percent growth in after-tax profit driven by finance income in the nine months of 2024.
After-tax profit grew t0 N9.18 billion in nine months of 2024 from N4.96 billion in the same period of 2023.
Further analysis reveals that the firm recorded a finance income of N109.3 million from a negative N4.12 million during the period reviewed.
Revenue increased to N33.9 billion in nine months of 2024 from N18.5 billion in the same period of 2023.
NAHCO Plc has set a N300 billion total group revenue target within the next five years.
Read also: NAHCO embarks on 5-year transformation journey, eyes N300bn revenue by 2029
Sola Obabori, group executive director, international business and corporate services of NAHCO said this at the company’s ‘bell ringing and facts behind the figures’ which was held on Tuesday in Lagos.
“The company will achieve N38.49 billion at the end of 2024, N71.12 in 2025, N101.93 billion in 2026, N146.07 billion in 2027, N209.34 billion in 2028 and N300 billion in 2029,” he said.
“We are committed to achieving specific performance goals by 2029, while simultaneously expanding our service offerings,” Obabori added.
In achieving this, he said, “we are embarking on a five-year transformation journey to build a new NAHCO, centered around four key pillars; accelerate growth in business, differentiate with operational excellence, lead with digital and deliver a transformed people and culture.”
“Ground Handling will contribute N120 billion: Cargo Handling will contribute N40 billion, while NAHCO Logistics Services will contribute N36 billion.
“Other subsidiaries are NAHCO Free Zone, NAHCO Commodities, NAHCO Travel & Hospitality, Aviation Academy will contribute N15 billion, N80 billion, N7 billion and N2 billion,” he said.
Read also: NAHCO commissions 5 borehole projects in school, community
Obabori stated that this projected growth trajectory compels the company to prioritise operational efficiency and performance improvement.
In September, NAHCO once again secured the bid to provide Passenger and Cargo Ground Handling services for Emirates Airlines at Lagos Airport, following the resumption of Emirates’ flights to Nigeria.
The firm said in a statement noting that the renewed contract underscores the company’s commitment to delivering exceptional ground handling services and highlights its role as a critical partner in Nigeria’s aviation industry.
The agreement with Emirates Airlines reinforces NAHCO’s position as the trusted service provider to some of the world’s leading airlines, the company added.
“We are honoured to welcome Emirates Airlines back to Nigeria and to continue our long standing relationship with this important Airline. Securing this renewal is a testament to NAHCO’s consistent quality of service and the trust our partners place in us,” Seinde Fadeni, chairman of NAHCO PLC said.
“We look forward to further strengthening valued partnerships and continuing to set the standard for ground handling in Nigeria,” he stated.
Saheed Lasisi, group executive director, commercial and business development at NAHCO PLC stated that, “Our successful renewal of this contract with Emirates Airlines is a reflection of the hard work and dedication of the entire NAHCO team. We are proud to be the preferred ground handlers once again for Emirates as they resume their flights to Nigeria.
“Our focus remains on delivering world-class services that meet and exceed the expectations of our airline partners,” he said.
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