Ahead of the 44th Annual General Meeting of NAHCO scheduled for Friday, May 23, 2025, shareholders of the company have hailed the declaration of N11.6bn dividends by the aviation ground handling firm.
This followed the declaration of full-year 2024 audited results as profit before tax soared by 115.4 per cent to N18.70 billion in 2024 as against N8.68 billion in 2023.
Total revenue rose by 88.5 per cent from N28.40 billion in 2023 to N53.54 billion in 2024. With increased top-line efficiency, gross profit increased by 120.53 per cent to N33.08 billion in 2024 as against N15 billion in 2023.
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Operating profit also jumped by 123.93 per cent from N8.86 billion to N19.84 billion, underscoring the fact that the group’s performance was driven mainly by core business operations.
Based on this result, the Dr Seinde Fadeni-led board of directors has recommended distribution of N11.58 billion as cash dividends to shareholders for the 2024 business year, more than double of N4.95 billion distributed for the 2023 business year.
The Q1, 2025 unaudited results of the company submitted to the Nigerian Exchange (NGX), have also revealed that the company is set to outperform the Q1, 2024 results with Q1, 2025 as revenue more than doubled the 2024 figure for the same period.
Contracts renewal with clients had been concluded at the rate of 95 per cent while new clients were onboarded during the period.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr Moses Igbrude, commended the board and management of NAHCO for running the company in a way that delivers increasing values for the shareholders.
“NAHCO has done fantastically well, it has outperformed investors’ expectations. The present board and management are running the business very well,” Igbrude said.
President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said NAHCO has shown “very impressive” performance, citing the company’s results for full-year 2024 and first quarter 2025.
He noted that the dividend of N5.94 per share declared by the board of directors is highly commendable.
Mr Taiwo Oderinde, Chairman, Proactive Shareholders Association, speaking on the exemplary performance of the company said the profit has been awesome.
Oderinde said, “Since the new investor came on board, the Company has been on the upward swing. The performance has been excellent.” He urged the board and management of the company not to rest on their oars even as he made a case for regular in-person AGM in the near future.
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