NAHCO Recommends N324million Dividend Payout

The Board of Directors of the Nigerian Aviation Handling CompanyNAHCO Plc has recommended a dividend of N324.8 million to the shareholders for the year ended December 31, 2015.

The dividend, which translates to 20 kobo per share, will be approved by the shareholders at their forth coming annual general meeting, AGM, slated for July 26, 2016 in Abuja.

Chairman of NAHCO, Alhaji Suleiman Yahyah, in his report contained in the annual report released ahead of the AGM, said despite of the difficult operating environment, the company recorded a five per cent increase in turnover in its 2015 financial year.

The company achieved a marginal improvement in its performance from N8.1 billion in 2014 to N8.5 billion in turnover in 2015.

“Despite the global challenges and Nigeria’s political economy, the company grew its Profit Before Tax (PBT) from N769.5 million in 2014 to N796.8 million in 2015.”

“The Board of the company has lowered the cost of doing business and shifted its funding structure from debt to equity, while approving the repayment of the N2 billion Series 1 Bond from its Bond Cash Reserve Account which is due by the third quarter of 2016,” he said.

He disclosed that the company is investing in the NAHCO Agric Zone Project in 2016, adding that the company has appointed Mr. Bamidele Adelaja as the Chief Financial Officer (CFO).

As part of consolidation of its leadership position in the ground handling services industry, the company recent signed a string of new international and local businesses.



Please enter your comment!
Please enter your name here