NAHCO Posts 85% Profit Growth, Outlines Ambitious Revenue Targets

The Nigerian Aviation Handling Company Plc (NAHCO) has reported an impressive 85 percent growth in its after-tax profit, driven largely by a significant rise in finance income, for the first nine months of 2024.

According to the company’s financial results, after-tax profit surged to ₦9.18 billion, compared to ₦4.96 billion in the corresponding period of 2023. Revenue for the same period rose sharply by 83 percent, climbing from ₦18.5 billion in 2023 to ₦33.9 billion in 2024.

A deeper analysis of the financials revealed a remarkable improvement in finance income, which grew to ₦109.3 million from a negative ₦4.12 million in the prior year.

During the company’s “Bell Ringing and Facts Behind the Figures” event in Lagos, Sola Obabori, Group Executive Director for International Business and Corporate Services, unveiled NAHCO’s ambitious five-year revenue growth plan. The company aims to achieve a total group revenue of ₦300 billion by 2029.

“Our projections for the next five years include reaching ₦38.49 billion by the end of 2024, ₦71.12 billion in 2025, and progressively scaling up to ₦300 billion by 2029,” Obabori stated.

He highlighted the company’s strategy, built on four key pillars: accelerating business growth, achieving operational excellence, embracing digital transformation, and fostering a culture of innovation and people development.

Sectoral Contributions to Growth

Obabori also outlined the revenue contributions expected from various business units by 2029. These include:

₦120 billion from Ground Handling Services

₦40 billion from Cargo Handling

₦36 billion from Logistics Services

Other subsidiaries such as NAHCO Free Zone, Commodities, Travel & Hospitality, and the Aviation Academy are projected to contribute ₦15 billion, ₦80 billion, ₦7 billion, and ₦2 billion, respectively.

Securing Key Partnerships

In September, NAHCO renewed its ground handling services contract with Emirates Airlines at Lagos Airport, marking a continuation of its long-standing partnership with the global airline. This followed Emirates’ resumption of flights to Nigeria.

Seinde Fadeni, Chairman of NAHCO Plc, described the contract renewal as a validation of the company’s reputation for excellence in ground handling.

“We are honoured to continue our partnership with Emirates Airlines. This renewal is a testament to NAHCO’s consistent quality of service and the trust our partners place in us,” Fadeni said.

Saheed Lasisi, Group Executive Director for Commercial and Business Development, expressed pride in the team’s efforts, adding: “Our successful renewal with Emirates reflects our commitment to delivering world-class services that exceed the expectations of our airline partners.”

Community Impact and Commitment

NAHCO has also demonstrated its commitment to community development, recently commissioning five borehole projects in schools and local communities.

With a robust growth trajectory, NAHCO is positioning itself as a leader in Nigeria’s aviation industry while strengthening its partnerships and operational capabilities to meet its ambitious goals.