The Nigerian Aviation Handling Company Plc (NAHCO) has unveiled an ambitious plan to grow its turnover to ₦300 billion within the next five years as part of a broader strategy to expand its operations and enhance shareholder value.
Speaking at the company’s Annual General Meeting held over the weekend, Chairman of NAHCO, Seinde Fadeni, reaffirmed the board and management’s commitment to implementing the five-year growth blueprint that will guide the next phase of the company’s evolution.
Fadeni noted that NAHCO had recorded progress across several operational areas, including an improved operating strategy, investment in equipment, enhanced staff welfare, and robust technical capacity—all of which have placed the company on a solid growth trajectory.
“The year was one of tremendous progress, marked by significant achievements and a renewed sense of purpose across all facets of our operations,” Fadeni said.
NAHCO’s 2024 financial results reflected the success of its transformation efforts. For the year ended December 31, 2024, the company reported a 115.4% increase in profit before tax, rising to ₦18.70 billion from ₦8.68 billion in 2023. Revenue also surged by 88.5% to ₦53.54 billion, up from ₦28.40 billion in the previous year.
Gross profit stood at ₦33.08 billion, marking a 120.53% jump from ₦15 billion in 2023, while operating profit increased by 123.93% to ₦19.84 billion, compared to ₦8.86 billion the previous year, indicating strong core business performance. At the AGM, shareholders approved a dividend payout of ₦11.58 billion for the 2024 financial year, translating to ₦5.94 per share—representing a 134% increase from the ₦4.95 billion paid in 2023.
Fadeni also disclosed that the company plans to deepen its diversification strategy by investing in the hospitality sector with the construction of a hotel and expanding its commodities export business. He added that NAHCO is implementing new technology solutions, including Oracle ERP and HCM systems, to boost efficiency and support its digital transformation agenda.
“In the last year, we have been re-fleeting our equipment. Our target is to replace all ageing equipment by December 2025,” he said.
Fadeni also emphasized the company’s commitment to staff welfare, highlighting a recent 50% salary increase, along with profit-sharing and performance bonuses.
Group Managing Director Olumuyiwa Olumekun shared that NAHCO’s newly commissioned export packaging and processing centre in Lagos—the first of its kind in Nigeria—aims to position Nigerian products more competitively in the global market and generate employment opportunities.
According to Olumekun, the company will anchor its growth strategy on four key pillars: sustained growth, equipment re-fleeting, digitisation, and environmental, social and governance (ESG) initiatives.
“Since transitioning from a leading ground handling service provider in the sub-region to a diversified, total logistics group, we have remained driven by a strong desire to deliver unmatched service and enhance shareholder value,” he said.
Shareholders expressed strong satisfaction with the company’s financial performance and its consistent value creation. Sunny Nwosu, founder of the Independent Shareholders Association of Nigeria, praised the board for delivering across all performance metrics. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders, also commended NAHCO for its capital growth and dividend expansion.
“We are happy with NAHCO. When you compare the share price now to what it was just a few years ago—from under ₦10 to over ₦80—you understand the level of value creation we’re witnessing,” Umar said.
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