Nigerian Aviation Handling Company (NAHCO) has recorded a 96.4 percent growth in profit after tax to N636.54 million in the first quarter of 2023, the highest in the last ten years.
The aviation ground handling service provider recorded 52.1 percent growth in revenue to N4.29 billion in the first quarter of 2023 from N2.82 billion in the first quarter of 2022.
The firm’s total revenue was obtained from revenue from contracts with customers (N3.16 billion) and other revenue (N1.32 billion).
Passenger/ aircraft handling income contributed N2.96 billion to NAHCO’s total revenue from contracts with customers while leasing/ disinfection, other services contributed the sum of N201.51 million.
Passenger/ Aircraft Handling income from passenger handling includes invoices raised for check-in formalities, passenger profiling, security and baggage handling (loading and offloading).
The firm recorded 105 percent growth in other income to N52.61 million in the first quarter of 2023 from N25.61 million in the first quarter of 2022.
Other revenue consists of import cargo handling which stood at N1.03 billion, equipment rental and maintenance at N148.62 million, and export cargo at N140.84 million in March 2023.
NAHCO’s cargo handling includes invoices raised for cargo documentation services for airlines, import and export cargo facilitation through Nigeria’s network of customs bonded warehouses in Lagos, Kano, Abuja and Port-Harcourt, Kaduna and Enugu, using Galaxy computerisation system, which ensures safe storage and easy retrieval of cargoes.
The firm leases its equipment to airlines for services that are not covered in the Standard Ground Handling Agreement.
NAHCO’s operating costs increased by 44 percent to N2.57 billion in the first quarter of 2023 from N1.79 billion in the first quarter of 2022.
The firm’s administrative costs increased to N52.61 million in the first quarter of 2023, 105 percent increase from N25.61 million in the first quarter of 2022.
Read also: Linkage Assurance gross written premium up 16% to N12.98bn
NAHCO’s finance income dropped 12.4 percent to N33.4 million in the first quarter of 2023 from N38.13 million in the first quarter of 2022.
Finance cost dropped 2 percent to N46.07 million in the first quarter of 2023 from N46.96 million in the first quarter of 2022.
Consequently, net finance cost stood at N12.67 million in the first quarter of 2023, 43.5 percent increase from N8.83 million in the first quarter of 2022.
NAHCO’s net cash flows used in operating activities stood at N1.02 billion in the first quarter of 2023 from net cash flows from operating activities of N1.74 billion in the period reviewed.
The firm’s net cash flows from investing activities stood at N292.81 million in the first quarter of 2023 from N619.57 million net cash flows used in investing activities.
Net cash flows used in financing activities stood at N46.07 million in the first quarter of 2023, 94.7 percent from N866.74 million in the first quarter of 2022.
The profit attributable to owners of the company rose to N630.17 million in the first quarter of 2023, a 96 percent increase from N321.37 million in the first quarter of 2022.
The firm’s cash and cash equivalents increased to N2.99 billion in the first quarter of 2023, up 6.4 percent from N2.81 billion in the first quarter of 2022.
NAHCO’s basic per share stood at 32 kobos in March 2023 from 16 kobos in March 2022.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
