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NAHCO’s tax payments soar by 125% in nine months

NAHCO’s tax payments soar by 125% in nine months

The tax payments of Nigerian Aviation Handling Company (NAHCO), an air transportation support service company in Nigeria, have more than doubled in the first nine months of 2023.

According to the company’s latest financial statements, its tax payments rose by 125 percent to N1.4 billion in the first nine months of this year from N622.95 million in the same period of 2022.

A breakdown of the total tax payments shows that company income tax contributed the most with N1.38 billion followed by prior year under-provision (N11.3 million). NASENI fund expense recorded N8.14 million and education tax had N3.35 million.

The firm’s revenue rose to N18.5 billion in the first nine months from N11.2 billion in the same period of last year.

NAHCO’s other income increased to N277.52 million from N241.3 million.

Rental income from investment property dropped to N152.21 million from N156.26 million.

Realised foreign exchange gain amounted to N78.5 million from a loss of N49.4 million. Sundry income dipped to N22.3 million from N123.7 million.

NAHCO’s income from training services increased to N3.73 million from N1.48 million.

The firm’s profit after tax rose to N4.96 billion from N2.11 billion. Administrative costs increased to N3.41 billion from N2.43 billion.

Read also: De minimis policy to boost intra-African trade – NAHCO

Net finance costs stood at N145.01 million, up from N57.38 million. The company spent N26.4 million on clearing charges from N26.47 million.

Consulting fees increased to N99.4 million from N23.88 million. Registrar’s fees rose to N11.36 million from N9.54 million. However, legal fees dropped to N9.52 million from N20.9 million.

Depreciation surged to N120.3 million from N54.3 million in the same period of 2022. Inventories amounted to N620.7 million, driven by spare parts worth N272.7 million, diesel and lub worth N200.5 million and general and medical worth N147.5 million.

Read also: NAHCO’s quarterly profit rises by 96%, highest in ten years

NAHCO’s earnings per share stood at N2.53, up from N1.29.

Earlier this year, NAHCO Aviation Academy, a wholly–owned subsidiary of the Nigerian Aviation Handling Company Plc, was accredited as an Approved Training Organization by the Nigeria Civil Aviation Authority (NCAA).

NCAA declared in a letter to the head of the Academy dated March 21, 2023, that having met all the requirements set forth before accreditation can be enabled, “The academy has met the requirements for approval as an approved training organisation in compliance with the Nig. CARs.”