Shareholders of Nigerian Aviation Handling Company (nahcoaviance) Plc have approved the N487 million dividend recommended by the board of directors for the year ended December 31, 2019. The dividend, which translated to 30 kobo per share, was approved at the annual general meeting (AGM) last week.
Speaking at the AGM, the Chairman of NAHCO, Dr. Seinde Fadeni, disclosed that the company’s profit after tax (PAT) increased significantly from N196.8 million in 2018 to N717.2 million in 2019, representing 264 per cent increase within the period.
According to him, the improved performance, was due to the several measures put in place during the financial year to control cost and increase revenue by the company.
He said the year would have ended on a better note, but the United States – China trade issues and the COVID-19 virus in the Asian country affected importation and reduced flight frequencies at the tail end of 2019.
“In line with our business strategies, the initial problems of increased costs of operations and administrative expenses have been taken on board by management and are being released.
“The transformation agenda, being facilitated by KPMG, is on course. This transformation agenda includes our five-year strategic plan and this plan is anchored on five strategic pillars and three key enablers.
Also speaking, the Group Managing Director, NAHCO, Mrs. Olatokunbo Fagbemi, explained the group expended resources into re-fleeting, which produced immediate result as the company was able to provide a more efficient service, reduced degreasing and cost of maintenance.
She added that the company upgraded the warehouses in Lagos, Kano and Abuja airports, adding that it also began the implementation of the new staff condition of service, which enhanced workers’ welfare and promoted industrial harmony in the group.
“In 2019, the implementation of the five-year 2019 to 2023 transformation plan, which was developed in 2018 after a business review of your company by board and management, commenced with a 12-month programme code named Project Falcon.
“NAHCO staff and management are working with KPMG in the implementation and this has started with focus on operational excellence, culture transformation and optimising technology within your company. Last year, we announced an asset acquisition plan of over N3 billion. Management is grateful to the board fir its timely approval of this asset renewal plan and the aggressive purchase of ground support equipment and cargo handling equipment,” she said.