How NAHCO recorded 74.6% drop in profit in one year

Motolani Oseni

The Nigerian Aviation Handling Company Plc (NAHCO) has reported a drop of 74.6 per cent in profits in the financial statement for the year ended December 31, 2018, to N196 million as against N775 million posted in 2017.

The group’s profit before tax declined by 16.13 per cent from N600 million in 2017 to N503 million recorded in 2018.

The group’s revenue increased to N9.83 billion in the full year of 2018 from N7.93 billion in 2017, an up of 24 per cent, the operating costs incurred by the firm increased to N6.66 billion from N5.61 billion in 2017,

reducing the gross profit to N3.2 billion, though higher than the N2.3 billion in the corresponding period of 2017.

However, income tax expense increased to N360 million in 2018, an up of 74.4 per cent from N175 recorded in the previous year.

A breakdown of the group’s revenue showed that N5.39 billion was made from passenger/aircraft handling in 2018 as against N4.47 billion in 2017, N277 million from leasing in 2018 to N192 million in 2017,

while N3.77 billion made from cargo handling as against N2.96 billion in 2017 and N387 million made from equipment rental and maintenance to N302 million made in the full year of 2017.

The company’s earnings per share (EPS) closed the year at 12 kobo against 48 kobo of the previous year.

Meanwhile, NAHCO has declared a final dividend of 25 kobo per ordinary share, amounting to N406 million for the financial year ended December 31, 2018.

According to a statement on the Nigerian Stock Exchange (NSE), signed by the Company Secretary, Bello Abdullahi, stated that the dividends will, on Friday July 26, 2019, be paid electronically to shareholders whose names appear on the Register of Members as of Monday, July 8, 2019.

Also, only shareholders who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts will receive payment.

The Register of Shareholders will be closed from to Tuesday, July 9, 2018, to Thursday, July 11, 2018.