Nahco increases revenue by 20% to N183.5m in Q1 2019
Chukwuemeke Iwelunmo
The Nigerian Aviation Handling Company Plc (Nacho) has increase its revenue in the First Quarter (Q1) of 2019 by 20 per cent to N2.6billion from N2.1billion recorded in the preceding quarter.
Nacho, also, recorded 88 per cent increase in Profit after Tax (PAT) from N97.5 million declared in the previous quarter to N183.5million during the period under review.
Considering year-on-year positive growth, the Nigerian Aviation Handling Company recorded a 24 per cent increase in revenue to N9. 8 billion in 2018, from N7.9 billion in declared in 2017.
In his speech while welcoming Nacho board to The Nigeria Stocks Exchange (NSE) for its facts behind the figure, Chief Executive of NSE, Olumide Bolumole, said that Nacho has put up an impressive performance despite the challenges operating in the country.
Bolumole commended NAHCO on its transformation agenda which commenced in 2018 with an upgrade in the company’s facilities and purchasing of new ground handling and service equipment for business efficiency.
NSE said the company has also taking the right steps in engaging the services of a global consulting firm to provide a 5 year strategy plan to completely restructure the organisation for business expansion.
“We implore the Board and Management of NAHCO to also consider taking advantage of the various benefits that the Nigerian Stock Exchange provides for both capital formation and business expansion.”
He assured that the NSE will continue to provide a platform to support listed companies in meeting their strategic business objectives adding that they will continue to position the NSE as the African Exchange of choice for issuers and investors by implementing policies aimed at strengthening the corporate governance of listed companies and providing products that were aligned to investors’ requirements in a fair and orderly market.
“These initiatives have improved investor confidence and repositioned firms listed on the Exchange as attractive investment opportunities. The NSE is positioned as a premiere listing destination for African corporate, governments and international issuers looking to access the capital market.”
According to him, as part of continued effort to deliver a world-class market infrastructure, NSE has launched a market surveillance platform – SMARTS – powered by NASDAQ;
X-Academy as part of continuous drive to ensure increased capacity building as well as the launch of a state-of-the-art Data Centre adding that the Data Centre was consistent with our tradition of pioneering far-reaching innovations within the Nigerian Capital Market.
