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NAHCO Shareholders To Receive N11.58bn Cash Dividends

by `
5 months ago
in News
Reading Time: 2 mins read
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The shareholders of the Nigerian Aviation Handling Company (NAHCO) Plc will receive N11.58billion cash dividends after the board of directors recommended distribution of the cash dividends for the 2024 business year.
This is more than a double of N4.95 billion distributed for the 2023 business year.
Its audited report and accounts for the year ended December 31, 2024, released at the Nigerian Exchange (NGX), showed increased dividend payout to shareholders by 134 per cent, riding on the back of record revenue and profitability.
Both the profit and loss accounts and the balance sheet indicated strong performance outlook as its Total revenue rose by 88.5 per cent from N28.40 billion in 2023 to N53.54 billion in 2024. With increased top-line efficiency, gross profit doubled by 120.53 per cent to N33.08 billion in 2024 as against N15 billion in 2023.
Operating profit also jumped by 123.93 per cent from N8.86 billion to N19.84 billion, underscoring the fact that the group’s performance was driven mainly by core business operations.
Profit before tax doubled by 115.4 per cent to N18.70 billion in 2024 as against N8.68 billion in 2023. After taxes, net profit leapt by 132 per cent from N5.54 billion to N12.86 billion. Consequently, earnings per share rose by 132 per cent from N2.84 in 2023 to N6.60 in 2024, providing headroom for similar percentage increase in dividend payouts without undermining the group’s recent dividend payout trend.
Shareholders, who are expected to approve the dividend recommendation at their forthcoming annual general meeting, will receive a dividend per share of N5.94 for the 2024 business year compared with N2.54 paid for the 2023 business year, representing an increase of 133.9 per cent.
The dividend outlook underlined NAHCO as one of the most investors-friendly and most-sought after stocks at the Nigerian capital market.
With current dividend yield in double digits, NAHCO has recorded capital gain of 175 per cent over the past 15 months, underscoring the strong positive investors’ sentiments that have shaped trading on the company’s shares. NAHCO’s share price, which started 2024 at N25.40 per share, opens this week at N69.90 per share, representing capital gain of 175.2 per cent.
The latest results underscored the continuous brand dominance in the aviation services industry. NAHCO, in the past four months, have signed not less than five new ground handling contracts and renewals with many leading global airlines, while expanding its specialty.

Group Managing Director, Nigerian Aviation Handling Company (Nahco aviance) Plc, Mr. Olumuyiwa Olumekun said, the approval was based on thorough assessment of the group’s facilities, including equipment and human resources, as well as the group’s compliance with global protocols and processes.

According to him, the company has put in place clear, diligent and thorough processes that would ensure 100 per cent compliance to procedures by highly – trained company professionals as they carry out the specialised functions.

Group executive director, Commercial and Business Development, NAHCO, Prince Saheed Lasisi highlighted that the latest approval was a good development for importers and exporters who have been having challenges exporting and importing shipments with radioactive contents.

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Chairman of NAHCO, Dr Seinde Fadeni has said, the company has the potential to achieve its target of N300 billion revenue by the next five years given ongoing investments and numerous emerging opportunities.

According to him, the new five-year growth plan that would strengthen existing businesses and open up new opportunities, with key growth drivers aimed at further diversifying the group’s businesses within and outside Nigeria.

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