By Goddy Egene
The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCo) has recommended a dividend of N406 million for the yearÂ end December 31, 2017. The dividend, which translates to 25 kobo per share, is expected to be approved by shareholders at the forthcoming Annual General Meeting (AGM).
NAHCo, which provides aircraft, passenger and cargo handling services and other related services surmounted challenges in 2017 to end the year with higher profit after tax (PAT).Â Â The company recordedÂ a turnover of N7.926 billion in 2017, compared with N7.956 billion in 2016. Finance cost was reduced from N545 million in 2016 to N213 million in 2017, while PATÂ Â rose from N581 million in 2016 to N776 million in 2017, showing an increaseÂ Â of 34 per cent.Â Earnings per share improved from 36 kobo to 48 kobo. Hence, the board of directorsÂ recommended a dividend payment of 25 kobo, which is higher than the 22 kobo paid the previous year.
In the same vein, NAHCoÂ has startedÂ Â Â 2018Â on a very bright note, recording significant growth in PAT for the first quarter (Q1) ended March 31, 2018. TheÂ Â Â reported a turnover ofÂ N2.188Â billion in Q1 of 2018, up fromÂ N1.786Â billion in the corresponding period of 2017.
Finance income improved from N30.916 million to N64.495 million, while the company was able to reduce finance cost to N44.536 million, from N55.715 million in 2017.
Profit Before Tax jumped to N117.405 million in 2018, compared with N1.026Â in 2017, while PAT followed similarly trend to hit N97.566 million, compared withÂ N1.026 millionÂ Â in 2017.
The Q1 results are the first set of results produced by the Managing Director/CEO, Mr. Idris Yakubu, who was appointed in November 2017.
Stock market operatorsÂ said with the Q1 performance,Â Â Yakubu, a former banker, whoÂ Â has an extensive experience in delivering agreed strategic business imperatives, is bringing his experience to bear in the company to the delight of all stakeholders.
Shareholders of NAHCo had last year commended the board and management for the improved results despite the challenging operating environment.Â TheyÂ Â pledged their support for better future resultsÂ and urged the board and management to sustain the performance.
Chairman of NAHCo,Â Â UsmanÂ Â BelloÂ had informed the shareholders thatÂ Â in spite of the recession and the global weakness in the aviation sector, the companyâ€™s performance was commendable.
Speaking on the diversification programme, Bello noted that NAHCoFree Trade Zone (NFZ)Â that was approved by shareholders in 2011Â as a subsidiary of the company had achieved some milestones.