Nahco Aviance Q2 PAT grows by 90% to N175.3m

MD’s resignation takes effect next week

Nacho Aviance Nigeria Plc has recorded a boost in revenue for the half year and second quarter period ended 30th June, 2017, just as its Managing Director, Nobert Bielderman, bows out of office next month.

However, the company’s consolidated and separate first half year 2017 financial statements, released by the Nigerian Stock Exchange (NSE), showed subdued growth in key performance measuring indices, which will further impact on investors resolve to enhancing their holdings in the firm.

Nahco’s 2017 Q2 and first half 2017 results showed that the company’s profit / (Loss) before tax (PBT) in Q2 closed at N202, 056, from N122, 540 posted in Q2 2016. However, the half year’s record reflects N203, 083million PBT, against N124, 847 PBT in same period 2016.

Profit after tax(PAT) grew by about 90 per cent for the group in Q2 2017 to N175, 296m, from N92,977m recorded in 2016 Q2. The H1 PAT closed higher at N176, 323m from N90, 586m in same period 2016

The result showed that the Group revenue for Q2 closed at 2017 N1, 921, 620 billion, which was against group 2016 Q2 revenue of N1, 910,676b.

However, for the first half year period covering January –June, 2017, Nacho Aviance’s total revenue stood at N3, 707,775b, The company’s revenue in the first half of 2016 stood at N3, 764,946b, reflecting drop in revenue by N57.171m in 1H 2017.

Operating costs group 2016 Q2 reduced slightly by N147,138m to N1, 255,031b, the reduction was from N1, 402,309b operating cost in the corresponding period of 2016.
Meanwhile, the group’s operating cost for the first half 2017 (January-June) closed on 30th June, 2017, at N2,567,904b, from N2,796,509b recorded in the first half of 2016, reflecting drop in the group’s cost of operations by N228,605m.

Nahco’s gross profit for the second quarter 2017 closed at N666, 589m, the group in the same period of 2016 scored N508, 367m. But, the group’s first half gross profit 2017 closed at N1, 139,871b, while in H1 2016 it posted N968, 437m.

Other gain & (loss) recorded by the group dropped to N55, 348m in Q2 2017 from N168, 322m posted in the Q2 of the preceding year. For the half year 2017 other gains also dropped to N147, 618m from N293, 713m posted in half year 2016.

Total current assets closed at N6, 552,740b, against N5, 837,929b posted in 2016 financial year ended 31 December, while total assets N12, 842,467b against N12, 634,582 posted in 2016 financial year by the group.

Out of the assets, equity attributable to the owners of the company at the end of Q2, stood at N6, 538,657b, from N6, 352,334b as at end of 2016 financial year.

Selling & Administrative expenses closed Q2 at N593,554m from N453,466 in same period 2016. The half year cost stood at N1, 128,981b for the group‘s H1, against N944,007m recorded in first half 2016.

Nigerian Aviation Handling Company PLC (“nahco Aviance” or “the Company”) is a company domiciled in Nigeria, primarily involved in provision of services including aircraft handling, cargo handling, passenger handling, passenger profiling, crew transportation, energy and power distribution and leasing of ground handling equipment.

Meanwhile, the Managing Director/Chief Executive Officer of the Nigerian Aviation Handling Company Plc, Nahco Aviance, Nobert Bielderman, had tendered his resignation letter since May, 2017
A notice posted to the NSE, said Mr. Bielderman would formally disengage from the company on August 31.

According to statement signed by Tayo Ajakaiye, the company’s Corporate Communications Manager, Bielderman joined Nahco in 2010.
He was appointed Executive Director of Operations in 2013, named acting Chief Executive Officer, CEO, of the company in 2014 and his appointment as CEO was confirmed in 2015.

It was not clear why Bielderman was stepping down.
But according to the statement, the resignation notice is in line with the company’s well laid down succession planning process.

Bonny Amadi