Nigerian Aviation Handling Company Plc (NAHCO), an aviation services provider based in Nigeria, has recorded 85 per cent growth in after-tax profit driven by finance income in the nine months of 2024.
BusinessDay reports that the company’s after-tax profit grew to ₦9.18 billion in nine months of 2024 from ₦4.96 billion in the same period of 2023.
Further analysis reveals that the firm recorded a finance income of ₦109.3 million from a negative ₦4.12 million during the period reviewed.
Revenue increased to ₦33.9 billion in nine months of 2024 from ₦18.5 billion in the same period of 2023.
NAHCO Plc has set a ₦300 billion total group revenue target within the next five years.
Sola Obabori, group executive director, international business and corporate services of NAHCO said this at the company’s ‘bell ringing and facts behind the figures’ which was held on Tuesday in Lagos.
“The company will achieve N38.49 billion at the end of 2024, N71.12 in 2025, N101.93 billion in 2026, N146.07 billion in 2027, N209.34 billion in 2028 and N300 billion in 2029,” he said.
“We are committed to achieving specific performance goals by 2029, while simultaneously expanding our service offerings,” Obabori added.
In achieving this, he said, “we are embarking on a five-year transformation journey to build a new NAHCO, centered around four key pillars; accelerate growth in business, differentiate with operational excellence, lead with digital and deliver a transformed people and culture.”
“Ground Handling will contribute N120 billion: Cargo Handling will contribute N40 billion, while NAHCO Logistics Services will contribute N36 billion.
“Other subsidiaries are NAHCO Free Zone, NAHCO Commodities, NAHCO Travel & Hospitality, Aviation Academy will contribute N15 billion, N80 billion, N7 billion and N2 billion,” he said.
Obabori stated that this projected growth trajectory compels the company to prioritise operational efficiency and performance improvement.
