NAHCO Explains Establishment of Subsidiaries, Pays N4.95bn Dividend

Chinedu Eze

The Nigerian Aviation Handling Company (NAHCO) Plc, has stated that it established subsidiaries in the just ended financial year to enhance shareholders’ value.

At its 43rd Annual General Meeting (AGM) held in Lagos, the company rewarded its shareholders with a gross dividend of N.2.54 per ordinary share, amounting to N4.95 billion.

The company said its revenue climbed to N28.4 billion in the 2023 financial year performance, an increase from N16.7 billion in the previous year, indicating 70 per cent growth.

The company its financial report financial report said its Profit Before Tax (PBT) stood at N8.68 billion, which was over 120 per cent increase to the 2022 period at N3.84 billion.

“Also, Profit After Tax (PAT) was N5.54 billion, indicating an increase from N2.67 billion in the same period in the 2022 financial year. The PAT growth was 107 per cent in 2023 financial year when compared to the 2022 period. Also, the company’s gross profit for the 2023 year ended was N15 billion, doubling the N7.5 billion earned in the 2022 financial year period. Besides, profit for the year ended was N5.5 billion, indicating an increase from N2.6 billion in the previous year, “the company said.

In his speech at the AGM, Group Chairman, NAHCO, Dr. Seinde Fadeni said that in 2023, the company made significant strides in the acquisition of Ground Support Equipment (GSE), which further enhanced its continuous service quality. 

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