KEY POINTS

• NAHCO recorded a net profit of N16.04 billion for the nine months ended September 2026, up 19.2 per cent from 2025.
• Revenue increased by 16.51 per cent to N55.64 billion.
• Cargo handling revenue grew by about 31 per cent, while free zone, transhipment, logistics, ticketing and lounge services revenue rose by 47.17 per cent.
• Total assets increased to N58.85 billion, while shareholders’ funds rose to N29.86 billion.

MAIN STORY

The Nigerian Aviation Handling Company (NAHCO) Plc has reported a 19.2 per cent increase in net profit to N16.04 billion for the nine months ended September 30, 2026, compared with the corresponding period of 2025.

The company disclosed this in its unaudited interim financial results released on the Nigerian Exchange (NGX) on Thursday.

Revenue rose by 16.51 per cent to N55.64 billion from N47.76 billion in the same period last year, while gross profit increased by 8.5 per cent to N28.17 billion from N25.97 billion.

Operating profit grew by 19.5 per cent to N21.66 billion, compared with N18.14 billion recorded in 2025. Profit before tax also increased by 18.39 per cent to N21.24 billion from N17.94 billion.

Earnings per share rose by 19.2 per cent to N7.20 from N6.04, reflecting the improvement in the company’s profitability.

The results showed that cargo handling revenue grew by about 31 per cent, which the report linked to increased trade and e-commerce activities.

Revenue from free zone, transhipment, logistics, ticketing and lounge services increased by 47.17 per cent to N2.91 billion, while equipment rental and maintenance generated N4.45 billion.

NAHCO’s profitability also benefited from lower finance costs, which declined by 19.7 per cent to N1.26 billion from N1.57 billion. However, finance income fell to N834 million from N1.37 billion.

THE ISSUES

NAHCO’s results show growth across its aviation handling and related services, with cargo operations and other logistics activities contributing to higher revenue.

The 31 per cent increase in cargo handling revenue points to stronger business from cargo-related activities, while the expansion in free zone, transhipment and other services suggests that the company’s earnings are not limited to aircraft handling.

The company also recorded an improvement in its financial position. Total assets increased to N58.85 billion in September 2026 from N55.12 billion in December 2025, while shareholders’ funds rose to N29.86 billion from N26 billion.

Return on equity improved to 53.72 per cent from 51.77 per cent, indicating higher returns generated relative to shareholders’ funds.

Dividend cover also rose to 1.15 times from 0.97 times in the corresponding period of 2025. This measures how many times earnings can cover dividend payments and provides an indication of the earnings available to support distributions to shareholders.

In May, shareholders approved a cash dividend of N12.18 billion for the 2025 financial year, equivalent to N6.25 per share, compared with N11.58 billion or N5.94 per share paid for 2024. They also approved one bonus share for every seven ordinary shares held, increasing the company’s outstanding shares by 14.3 per cent.

WHAT’S BEING SAID

“We are confident about the outlook for the aviation industry and our business.” – Seinde Fadeni, Chairman, NAHCO.

“We remain focused on our strategic plan on sustainability and diversification.” – Seinde Fadeni, Chairman, NAHCO.

“We will continue to explore opportunities to grow the business and deliver competitive returns to our stakeholders.” – Seinde Fadeni, Chairman, NAHCO.

WHAT’S NEXT

NAHCO Chairman Seinde Fadeni said the company would continue investing in its human, technical and infrastructural capabilities to sustain its operations and position in the aviation handling and logistics industry.

Group Managing Director Olumuyiwa Olumekun said management would maintain its focus on business expansion, cost efficiency and quality growth, while pursuing opportunities across aircraft handling, cargo operations and related services.

BOTTOM LINE

NAHCO’s nine-month results show stronger earnings, supported by revenue growth in cargo handling and related services, alongside lower finance costs. The company’s ability to sustain this performance will depend on continued growth across its operations and effective cost management.