NAHCO eyes N300bn turnover in five years

NAHCO eyes N300bn turnover in five years

The Nigerian Aviation Handling Company Plc (NAHCO) has announced ambitious plans to grow its turnover to ₦300 billion within the next five years, aiming to expand its operations and enhance shareholder value. Speaking at the company’s recent Annual General Meeting, Chairman Seinde Fadeni highlighted the progress made in the company’s growth strategy, including improved operational strategies, investment in new equipment, enhanced staff welfare, and strengthened technical capacity.

NAHCO reported strong financial results for 2024, with profit before tax more than doubling to ₦18.70 billion (a 115.4% increase from ₦8.68 billion in 2023). Revenue rose by 88.5% to ₦53.54 billion, while gross profit and operating profit grew by over 120% and 123% respectively, demonstrating robust core business performance. Shareholders approved a significant dividend payout of ₦11.58 billion, a 134% increase from the previous year.

Looking ahead, NAHCO plans to diversify further by investing in the hospitality sector with hotel development and expanding its commodities export business. The company is also advancing its digital transformation by adopting Oracle ERP and HCM systems to boost efficiency. Efforts are ongoing to replace aging equipment by the end of 2025, alongside initiatives to improve staff welfare, including a 50% salary increase and bonuses.

Group Managing Director Olumuyiwa Olumekun emphasized the commissioning of a new export packaging and processing center in Lagos, designed to enhance the competitiveness of Nigerian products globally and generate employment. NAHCO’s future strategy will focus on sustained growth, equipment renewal, digitization, and strong environmental, social, and governance (ESG) practices.

Shareholders expressed strong approval of the company’s performance and value creation, with leaders of shareholders’ associations praising NAHCO’s capital appreciation, dividend growth, and rising share price—from below ₦10 to over ₦80 in recent years—highlighting the company’s successful transformation from a ground handling service provider to a diversified logistics group.